Novo is the first out of contract player to turn his back on a new deal despite the lure of guareteed Champions League football at Ibrox next season.
The 31-year-old started just 14 SPL games for Rangers last season and has recently been heavily promoting his book.
Damarcus Beasley and Steven Smith weren’t offered new deals and will leave under freedom of contract leaving David Weir, Kris Boyd and Kirk Broadfoot to ponder their future’s.
Manager Walter Smith has been working without a contract with the departure of Novo a telltale sign that new owenership is unlikely before the start of the new season.
Long time ‘buyer’ Andrew Ellis has still to formulate his bid while Dave King’s prospects of mounting a bid to buy-out Sir David Murray seem remote as the South African tax authorities step up their action against him.