“Unfortunately, I wasn’t afforded that opportunity, which saddens me as I would have liked to have walked round Ibrox one last time and returned all the love and support you’ve given me during my two stints.”
Berlin-born Nigeria international Balogun first joined Rangers after leaving Wigan Athletic in 2020.
He left for Queens Park Rangers in 2022 but returned to Ibrox after a year with the Championship club.
Balogun was initially viewed as back-up on his return but became a regular starter this season as Robin Propper fell out of favour.
Announcing his departure, he praised the fans and “people working for the club behind the scenes”, adding that it had been an “honour”, “privilage” and “pleasure” to play for “this massive club”.
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