Manager Matt Jansen has made a “very difficult decision” to not offer the former York City and Luton forward terms.
Walker, 34, played a big role as Chorley reached the National League North play-offs last season and enjoyed a great FA Cup run.
But his manager has opted to freshen things up at Victory Park - and urged rival managers to put in a call and get themselves a brilliant player.
“With Jason it was a very difficult decision,” manager Jansen told the club’s official website. “His experience has been vital for us as we pushed into the play-off positions.
“He’s a player who’s brought cleverness to our build-up play and who’s contributed with his fair share of goals.
“Jason will improve whatever team he goes to and we wish him all the best for the future.”