The 30-year-old attacker's time with the club has come to an end after five seasons, with the two parties unable to agree on a new contract
Melbourne Victory have confirmed that Costa Rican attacking midfielder Carlos Hernandez's stint at the club has ended.
The Victory were unable to agree a new contract with the 30-year-old, despite lengthy negotiations.
Hernandez was a fan favourite at the club, making 122 appearances in his five-year stint at the Victory and proving one of the A-League's most exciting players when in full flight.
"The club engaged in discussions with Carlos, but couldn't reach agreement and will now move in a different direction," Melbourne Victory coach Ange Postecoglou said on Wednesday.
"This provides some clarity for us to seek out and secure key players with our remaining visa spots."
Hernandez scored 36 goals for Victory and was their top scorer in the 2009-10 and 2011-12 seasons.
He won the Johnny Warren Medal in the 2009-10 season and was a member of the club's grand final winning-squad the season before.