The former Liverpool and England captain used his Instagram feed (see below) to reveal the news on Tuesday afternoon, and said he would take time out to consider the next stage of his career.
With former Reds manager Brendan Rodgers now at Celtic Park, the Glasgow side rates as a 2/1 shot to be Gerrard's next club, with Liverpool a 6/1 chance.
Any other MLS club is available at 12/1, with French giants PSG, Arsenal and any Chinese club all rated at 16/1.
When I left Liverpool, I came to Los Angeles with the goal of helping the Galaxy lift another MLS Cup, I am of course disappointed to have not achieved that objective, but I can look back at my time at the club with pride at what we accomplished, including two straight playoff appearances and countless memorable moments on the pitch. As someone who spent the whole of their career in Liverpool, it has been an incredible experience to come to Los Angeles and play for the LA Galaxy. I would like to thank Mr. Anschutz, Dan Beckerman, Chris Klein and Bruce Arena for this opportunity. I would also like to thank my teammates, the coaching staff, all of the support staff and most importantly the fans for their fantastic support during my time at Galaxy; I am excited to see this league and this great club continue to grow. I am now looking forward to spending time with my family as I consider the next stage of my career .