The 29-year-old joined the Red Devils in January from Brighton and went on to score three goals in 21 appearances for Richie Barker's side.
Barker attempted to persuade the former Scunthorpe man to remain at the Broadfield Stadium but revealed that the negotiations were unsuccessful.
"We have been talking to Matt for a while and at the outset we agreed a time frame for the discussions so everyone knew where they stood," Barker told the club's official website.
"We have reached that time and unfortunately we haven't been able to reach an agreement so Matt is moving on.
"I would like to thank him for his services since he came to the club. He is a model professional and we wish him all the best for his future career."