Goalkeeper Buffon leaves PSG after just one year
The 41-year-old Italian joined PSG from Juventus last summer on a one-year deal with an option for an extra year.
PSG says that "after long and calm reflection" the club and the player have decided not to take up the option. His contract expires June 30.
Buffon, who played 176 times for Italy and helped his nation win the World Cup in 2006, said on his Instagram account that he was offered a new deal but rejected it because he wants a "new experience."
He did not say where that might be.
Buffon played 25 times for PSG, sharing duties with Alphonse Areola, and won the French league to add to his multiple titles with former club Juventus.
Although Buffon started well at PSG, his form faded sharply in the second half of the season.
He played poorly in the 3-1 Champions League home loss to Manchester United, which sent PSG out of the last 16 after it had won the away leg 2-0.