Buchanan has had a great season in the Second Division

The 22-year-old striker has netted 23 goals this season and wants to step up to a higher level.

"Liam is looking for a full-time deal and I fully appreciate that," manager Brian Welsh told the club website.

"He is more than capable of playing at a higher level and deserves his chance but if it does not materialise then hopefully he will be back."

Former Raith Rovers defender Laurie Ellis has also asked for more time to consider his options.

And midfielder Gary Fusco and full-back Graham Guy have rejected contract offers.

But 19 year-old defender Chris Anton is joining the Second Division side, having been released by Ross County.

Meanwhile, goalkeeper David Hay has agreed to remain with the Fife club for next season.

Mark Baxter, Dougie Hill, Robert Fyfe, Pat Scullion, Danny Lennon, Tony Bryan, Martin McBride, Stuart Richardson, Pat Clarke and Scott Dalziel have also signed up on new deals.