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Liverpool captain Steven Gerrard will leave the club when his contract expires at the end of the season.
Gerrard, 34, became free to sign a pre-contract agreement with an overseas team on Thursday and is believed to be wanted by clubs in the US.
The former England skipper, who made his Liverpool debut in 1998, will not move to another English club.
Liverpool offered midfielder Gerrard a new deal in November and will make a statement on his future on Friday.
LA Galaxy president Chris Klein declined to comment on suggestions his club want to sign Gerrard, who scored two penalties in the2-2 draw with Leicester City on New Year's  Day
Jamie Carragher, Gerrard's former Liverpool and England team-mate, tweeted: "Sad day for Liverpool and English football. I think it's the right decision, all things considered."
Gerrard, born in the Merseyside village of Whiston, joined Liverpool's academy when he was nine years old, progressing through the ranks to make his first-team debut as a substitute against Blackburn Rovers in November 1998.
He replaced Sami Hyypia as club captain in October 2003, and led the club to the Champions League title in 2005, scoring his side's first goal in the Istanbul final as they came from three down to draw 3-3 with AC Milan and then beat them on penalties.
Gerrard also won the Uefa Cup, two FA Cups, three League Cups, one Community Shield and two Uefa Super Cups.
He won 114 England caps, having made his international debut in 2000, captaining his country for the first time in 2008 and leading them at the 2010 and 2014 World Cups, as well as at Euro 2012.
The midfielder retired from international football after England went out of the 2014 World Cup in Brazil at the group stage.
Speculation about Gerrard's long-term Liverpool future intensified following a newspaper interview in October in which he said he would join another club if he was not offered a new contract at Anfield.
Manager Brendan Rodgers said on 1 December that the midfielder had been offered a new deal, at the same time dismissing reports that the pair had fallen out.
Rodgers has said in recent weeks he wanted to ration Gerrard's appearances in order to keep him fresh, and left him on the bench for Monday's 4-1 Premier League win over Swansea.
Gerrard was restored to the starting line-up for Thursday's match against Leicester and played the full 90 minutes.

Steven Gerrard
Gerrard has played 695 times for Liverpool since making his debut against Blackburn in 1998
Steven Gerrard
Liverpool won the UEFA Cup, League Cup and FA Cup in 2001 with Gerrard scoring against Alaves
Steven Gerrard
Gerard Houllier made Gerrard Liverpool's captain in October 2003
Steven Gerrard
Gerrard inspired Liverpool to the Champions League in 2005
Steven Gerrard
Gerrard's unfortunate slip against Chelsea last May proved costly as Liverpool missed out on the league, the only major club honour he is missing

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