Manchester City have announced that Willy Caballero will leave the club when his contract expires on June 30.
The goalkeeper, who joined from Malaga in 2014, made 27 appearances this season after forcing his way into manager Pep Guardiola's starting line-up ahead of the out-of-sorts Claudio Bravo.
However, the 35-year-old's deal will not be renewed and will move on next month.
"It's been a privilege to play for Manchester City," the Argentine told the club's official website. "From the first day I arrived, everyone at the club has made me feel welcome and I will always be grateful to them.
"To win the League Cup in such dramatic circumstances was special and it's a day I will never forget."
Caballero made saves to deny Lucas Leiva, Philippe Coutinho and Adam Lallana as City won the EFL Cup in 2016 in what proved to be his sole success in England in terms of silverware.
Director of football Txiki Begiristain believes City fans will always hold Caballero in the highest regard.
"Willy will, quite rightly, be remembered by the City fans for the role he has played over the past three seasons," he said.
"He is a special man – and his performances this season were of a consistently high standard.
"I have no doubt he will go on and continue to prove his quality at the top level."