Graeme Bailey of Sky Sports reported the news.
This decision won't come as a shock to many, considering how Toure's role with the club has dwindled over the last few seasons. Upon joining the club in 2009, Toure made an immediate impact, starting 31 league games. That number decreased to 21 in 2010-11 and then eight in each of the last two seasons.
Now, Toure has said City didn't offer him a new long-term deal:
Now he has admitted that he is set to leave City as the club have made no contact over a new deal.
"I have been here for nearly four years, and two fantastic years when I have been playing a lot and I hear my songs with Yaya and I will miss those things, for me my family is here, my kids are at school and they like the area - but in two months nothing has come from the club and I am thinking about my future definitely," Toure told Sky Sports News.
Toure arrived at Manchester City when the club was just starting to splash the money necessary to become a force in the Premier League. Along with the centre-back came Gareth Barry, Roque Santa Cruz, Emmanuel Adebayor, Joleon Lescott and Carlos Tevez.
Can Kolo Toure remain a first-choice centre-back for a Premier League club?
It was only a sign of things to come, as Mario Balotelli, David Silva, Sergio Aguero and Yaya Toure would all move to City as well. As more players came in, the more Toure found himself crowded out of the club's back four. Recently, Toure has lost playing time to Lescott, Vincent Kompany and Matija Nastasic.
The fact that City has chosen not to even offer him a new contract is further evidence of how low Roberto Mancini regards Toure in the pecking order. And with Financial Fair Play, shedding Toure's weekly wages will help the bottom line out as well.
Regardless of his diminished role in recent years, there will be a long line of clubs looking to acquire Toure when he becomes available this summer. At 32 years old, Toure still has a few good seasons to offer a club looking for reliability and experience at the back.