Ferguson spoke of his "shock and disappointment" after been told by manager David Jeffrey on Thursday night that his contract was not being renewed.
"I played 48 games last season and scored 24 goals so I certainly feel there is more football in me," said the former Northern Ireland striker.
"I hoped to play for another season at least, but unfortunately it will have to be somewhere else."
The striker added that he would be "open to offers" from other clubs.
Jeffrey acknowledged that the off-loading of Ferguson was probably the biggest decision that the club had taken "in a long, long time".
I could wax lyrical for a long, long time about the contribution he (Glenn Ferguson) has made to this club
David Jeffrey
"Probably as big a decision as it was to spend £55,000 on him, was the decision that we wouldn't be offering Glenn a new contract," added Jeffrey.
"He has been an absolutely prolific goalscorer. The number of trophies and successes that he has contributed significantly to, have been immense and memorable.
"I could wax lyrical for a long, long time about the contribution he has made to this club.
"In terms of Glenn, we want to thank him very, very much indeed."
Jeffrey met face-to-face with Ferguson on Thursday meeting while club chairman Jim Kerr, treasurer Paul Weir and Blues assistant-manager Bryan McLoughlin were also present at the contract discussions involving the Linfield players.
Ferguson whose Irish League career started with Ards, joined Linfield from Glenavon in 1998 for a record £55,000 and has won five Northern Ireland caps.
He is the third all-time highest scorer in Irish League football, behind Jimmy Jones and Joe Bambrick.
During his time with Linfield, Ferguson won six league championship and four Irish Cup medals and was voted the Nl Football Writers' Association player of the year a record three times.
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