MELBOURNE and its 2011 club champion Brent Moloney have agreed to part ways.

The 28-year-old Moloney met with the club on Monday for his post-season review and it was agreed that he should be free to explore free agency opportunities.

Moloney becomes the competition's first restricted free agent to leave his club and put himself on the open market.

Under the free agency system, clubs can receive compensation for the loss of players depending on a formula calculated at the end of the free agency period.

Melbourne is expected to be a strong player in free agency.

His departure means that the Demons' 2011 captain Brad Green, best and fairest Moloney and leading goalkicker Liam Jurrah will not be at the club in 2013.

After earning 19 votes in the 2011 Brownlow Medal, Moloney had a horror year with the Demons and played just 15 games.

He lost his place in the leadership group pre-season, suffered an early season groin injury, then went through a bad patch of form before eventually losing his place in the team in round 16 after starting as a substitute in round 15.

He then won his way back into the team four round 18 but was dropped after just three games. He was subbed off at three-quarter time against St Kilda in his final game with the Demons.

Last week coach Mark Neeld suggested that Moloney had struggled to adapt to the changing game.

"There has been a whole lot of change in the way people see footy, so I might see footy a bit differently than his previous coach. That is not a negative; that is a reality," Neeld said.

"The rules have changed, stoppages are down, restart times are up, the game is played differently [and] the speed of the game certainly increased. So there are a whole range of things that are changing."

Moloney had accepted the demotion and put his head down to play out the season with Casey Scorpions. His manager Bruce Kaider has said his client,  who had earned a reputation as a clearance specialist, has plenty to offer another club.

Moloney played 122 games, including one final, with the Demons after Geelong traded him to the club in 2005. He had played 23 games, including three finals, with the Cats in two seasons. 

In a club statement Moloney expressed his gratitude for the opportunities Melbourne gave him during his eight years at the Demons.

"I have enjoyed my eight seasons at the club, but it’s now time to pursue other opportunities. I am grateful for everything the club has given me. I have built great relationships with Melbourne people and I wish all involved the best for the future," he said.

Neeld said he respected Moloney's position and appreciated that he had been up-front with the club.