The 31-year-old is on the hunt for a new job after seeing Clint Irwin take over the starting role.
Pickens, 31, was in his fifth season with the club, having played 116 Major League Soccer matches and setting club goalkeeping records in appearances, starts, shutouts and wins. He lost his starting job to Clint Irwin after suffering a broken arm early in the 2013 MLS season.
“We want to thank Matt for all his contributions to our club in his five seasons here,” said Paul Bravo, the Rapids vice president of soccer operations and technical director, in a statement on the club's website. “He has handled this difficult situation with professionalism and we wish him all the best moving forward in his career, as he will always hold a special place in Rapids history. This move allows us additional flexibility on our roster, and gives Matt a chance to find a new club soon.”
Pickens was drafted by the Chicago Fire in 2004 and also spent a spell with English club Queens Park Rangers before joining Colorado.