Palace Chairman Simon Jordan has warned of 18 months of belt tightening to come as Rubins joins Dean Austin and Andrew Frampton who have both left the club by mutual consent.
Rubins joined the club in 1999 in a £2m deal from Skonta Riga, but has found opportunities have been restricted since the arrival of Trevor Francis.
Rubins made 37 appearances for Palace, and will be best remembered for his exploits in the League cup, with thunderbolt goals against Leicester and Liverpool.
Although things have not worked out for him, we wish him well in whatever he decides to do next.