John McGinlay has been released by Bradford City 11 months after becoming the club's record £625,000 signing.
The 34-year-old Scottish international was signed from Bolton by Chris Kamara in the hope that his goals would power a bid for promotion but he was dogged by injury.
Several clubs are believed to be tracking McGinlay now that City have agreed a settlement for the remaining 21 months of his contract.
It means each of his three goals - scored in 18 league and cup appearances - cost £208,333 in transfer money.
Chairman Geoffrey Richmond revealed: "Over the last six months we have tried to get a transfer fee for the player but we have failed. Because of this fact, we feel this is the best option for Bradford City."
McGinlay leaves full of regrets that he could not repeat the form which made him such a legend while at Bolton. "I never really got going with the injuries I suffered and that is a big regret. I wanted to do so well for City but it just didn't happen.
"The club put the suggestion to me two weeks ago and the matter was resolved very quickly. I suppose from their point of view I am off the wage bill. It is also means I can try and get first team football.
"I could have sat there and bided my time while picking up my wages but I am not that sort of person. It is better to have a clean break and I want to start playing again.
"A couple of sides are interested in me but they want me to prove my fitness so we will just have to wait and see what happens. I firmly believe I can still score goals - the only sad thing is it will not be for Bradford City."
McGinlay played for Preston reserves against Blackburn last night and he could join them.
Richmond said: "Every transfer is a gamble and unfortunately for both Bradford City and John McGinlay, this one just hasn't worked out.
"There is no fault on John's part and he leaves this club with the best wishes of everyone here and we all firmly hope he does well with a new club.
"The decision was taken because we have a number of strikers now at the club and John is well down the pecking order."
McGinlay, whose last appearance in a City shirt came in the reserves 3-2 defeat at Scar-borough last week, added: "I hope the club have a good season. Paul (Jewell) is putting together his own squad and the results are starting to come. I am leaving behind a lot of friends."
John McGinlay Factfile
NOVEMBER 1997
6: Signed by Chris Kamara from Bolton for a then club record fee of £625,000.
8: Debut v Swindon Town 1-0 defeat
18: Scores first goal in 1-1 draw with Sheffield United at Valley Parade.
JANUARY 1998
6: Chris Kamara sacked as manager
MARCH 1998
28: Injured Achilles tendon v Manchester City and is ruled out for rest of season.
OCTOBER 1998
1: City terminate his contract
CITY RECORD:
12 league appearances plus five as a substitute. One FA Cup substitute appearance. Total 18.
GOALS:
3 League
Converted for the new archive on 30 June 2000. Some images and formatting may have been lost in the conversion.
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