Adams joined Dale from Brentford in January last year on the back of a successful loan spell, his second at the club following a stint during his time with Leicester.
The 25-year-old scored five goals accross 89 appearances for the Spotland outfit, but his career appears set to move on following their relegation from League One.
Rochdale boss John Coleman told the club's official website: "We've had a good chat over the last couple of weeks and Nicky feels his future lies elsewhere.
"As a football club we have to concentrate on what we are going to do next season, so both parties have agreed that he'll go on the transfer list and have his name circulated to other clubs."
