Newman featured in 19 games this season for the Shots
Aldershot player-coach Ricky Newman has not been offered a new playing contract and will leave the club.
The Guildford-born 38-year-old midfielder joined the club in August 2006 and featured regularly in the Shots' promotion season of 2007/08.
Shots boss Gary Waddock told BBC Surrey: "I'm disappointed for him, he's been a fantastic servant for the club - I highly respect the guy,
"The budget has been cut, it was the budget more than anything."
He continued: "Ricky's a good player, he's a good footballer, he's got a lot of experience at the top level, it's a difficult call but finances dictate I'm afraid."
Fellow midfielder Justin Cochrane, who made 10 appearance in a short-term deal, is another player who will leave the club after failing to secure a new contract.
Meanwhile, Venezuelan goalkeeper Mikhael Jaimez-Ruiz and midfielder Scott Donnelly have been offered new deals.
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