Striker James Scowcroft has left the Blues after Town boss Joe Royle decided not to keep him at Portman Road for the play-offs. The terms of Scowcroft's loan meant that the Blues had an option whether they kept him for the play-offs.
Due to players over 24 being limited to 93-day loans, Scowcroft would only have been available to the Blues for the play-off semi-finals.
Boss Joe Royle told the club site: "We have decided not to take up that option.
"James and I agree that we haven't seen the best of him while he has been here.
"In his defence, he has not had that many starting opportunities with Shefki Kuqi coming back from injury rather sooner than we expected.
"We also have Dean Bowditch back from Burnley now, so we have options in attack.
"I'd like to wish Scowy well. He is a lovely lad and I hope it works out well for him wherever his future lies."
Leicester have already told Scowcroft, 29, that he will not be offered a new contract at the Walkers Stadium.
Meanwhile, Dean Bowditch, back at Town after his loan at Burnley, says he is looking forward to the play-offs: "I enjoyed it at Burnley and it was good to get some more first team experience under my belt.
"The managers and players up there were excellent and really helped me settle in, although it took a while to get used to the Lancashire accents!
"I'm back now though, and hopefully I will get a chance to help the lads in the play-offs.
"I was hoping that when I came back the season would be over and the club would be celebrating promotion to the Premiership.
"That's football though, and at least we have another chance to go up."
Bowditch is likely to be involved in Tuesday's final reserve game of the season at Portsmouth's Fratton Park (KO 7pm).