The 27-year-old midfielder starred for the Eagles in the 2004 Championship play-off final win over West Ham, but he has rarely featured in the first team since.
Now Peter Taylor has decided to allow Black to leave, marking a disappointing end to his seven-year spell at the club.
"No-one wants to leave, but I suppose everything has got to come to an end," Black told the South London Press. "I would rather have gone out on a high than the disappointment I've had for the last couple of years."
However, the former Arsenal player is confident he will have little trouble finding a new club.
"I certainly hope there will be a fair bit of interest, but I've not sorted anything out yet," he said.
"I just want to play football, I'm 27 and I've not played enough football in the last two years. I just want to play now."