Netherlands striker Memphis Depay has officially left Corinthians after the Brazilian club decided against renewing his contract.

The Memphis Depay, 32, has been a free agent since his Corinthians deal expired on August 1. Although manager Fernando Diniz had previously indicated that the two sides were close to reaching an agreement, Corinthians confirmed on Tuesday that the Dutch forward’s contract would not be extended.

The club said the decision was made with its financial situation in mind.

“This decision was taken solely and exclusively in consideration of the financial health of our institution, which demands rigorous balance and responsibility in the management of available resources,” Corinthians said in an official statement.

The club added that its current and future financial commitments made it impossible to take on another significant contract at this stage.

“Given Corinthians’ current and future financial obligations, it became clear that taking on a new commitment of this magnitude would not be compatible, at this moment, with the financial balance we need to preserve to ensure the institution’s sustainability.”

Depay joined Corinthians in 2024 and enjoyed a successful spell in Brazil, winning three major honours. He helped the club claim the Campeonato Paulista and Brazilian Cup in 2025 before adding the Supercopa Rei to his collection in 2026.

The former Barcelona, Manchester United and Atlético Madrid forward finished his Corinthians career with 20 goals and 15 assists in 79 appearances for Timão.

Corinthians also paid tribute to Depay and his representatives, thanking them for their efforts throughout the negotiations and the player’s contribution on the pitch.

“We would like to express our deep gratitude to player Memphis Depay and his entire team, who from the start of negotiations sought the best possible agreement. To the player in particular, the club are eternally grateful for the dedication and the results achieved throughout his journey with us.”

The 112-time Netherlands international is also the all-time leading scorer for the Dutch national team. Depay featured three times for Oranje at the 2026 FIFA World Cup, registering one assist.