U's striker Sanmi Odelusi will leave the club when his current contract expires on December 31st.
The twenty four year old, who joined the U's in August, will not be offered a new deal and has already been active in finding his next club.
He was given permission to play for Cheltenham Town in a reserve game earlier this week, to give himself a headstart ahead of the January transfer window.
He came off the bench to make eight league appearances for John McGreal's side, and scored a late goal at Notts County that got the U's back on level terms.
McGreal spoke to the official website on Thursday lunchtime and said that it was a decision that didn't come lightly and praised the striker for his attitude.
"It's never easy to sit down and tell any player they won't be getting a new contract and that was again the case with Sanmi.
"He hasn't started as many games as he would have liked and he needs the opportunity to do that elsewhere now.
"He has been aware of this for a couple of weeks now, but his attitude has been spot on and he has worked as hard as always both in training and when he was needed in matches.
"We wanted to help him as much as we could once the decision was made and we wish him the best of luck wherever he plays his football in the future."