Manager Jim Goodwin confirmed the defender’s exit in the summer after a “horrendous time with injuries”.
Devlin has not played for Aberdeen since a 1-1 draw with St Mirren on December 5, 2020 and last featured in back-to-back games in March of that year.
The 28-year-old has been hamstrung with injury issues and had another setback recently.
“The club have looked after him in the last season or so since his most recent injury,” Goodwin said.
“It’s been a very difficult time for Mikey so we’re giving him a little bit of time with his family just to get his head right. But I’ve had that conversation with Mikey with regards to next season – and Mikey will be moving on from Aberdeen in the summer.
“There will be some kind of statement coming out in the next couple of days regarding that.
“We’ve had a very honest conversation. I’ve known Mikey a long time, he’s a great kid who unfortunately probably did n’t fulfill his potential due to recurring injuries, which is a great shame for him.
Goodwin has already begun looking at recruits for next season and revealed the club “have identified some really good targets to come in the summer”. he refused to be drawn on whether or not Ross County’s Regan Charles-Cook is one.
The Dons come up against the Premiership’s top scorer, who is out of contract at the end of the season, on Saturday.
“There’s a number of targets out there that we’re looking at,” Goodwin said. “The guys at the top end of the pitch are the hardest to come by and the hardest to find.
“He’s certainly had a brilliant season.
“Fair play to him and fair play to Malky for giving him the confidence.”
He continued: “We have a great recruitment department here. Vicente Besuijen is a product of that.
“I have a budget I need to manage. I can’t keep giving players money here and there. If I think I can use the budget elsewhere, that is what I need to do.
“All I can say to the supporters is that every decision I make will be in the best interests of the club. Time will tell whether those decisions are right or wrong, but I think the players we have identified will add quality to the squad next season.”
How Aberdeen finish the season could have an impact on Goodwin’s budget. A win over Ross County and Hibs failing to beat Hearts would see the Dons reach the top six which brings the possibility of European football.
“The budget I am working to right now is a set budget but if we have success in the next few weeks and we get European qualification then with more finance coming in there might be more on the back of that,” he said.
“It’s a very competitive budget. I can’t use that as an excuse. It’s quite similar I would imagine to Hearts and Hibs and we should be at the top end of the table competing for those European slots year on year, like the club you have done in the past.”
Andrew Considine and Aberdeen: Banchory Beckenbauer’s exit is unwanted but Jim G…
Get a year of unlimited access to all The Scotsman’s sport coverage without the need for a full subscription. Expert analysis of the biggest games, exclusive interviews, live blogs, transfer news and 70 per cent fewer ads on Scotsman.com – all for less than £1 a week. Subscribe to us today
George Holan is chief editor at Plainsmen Post and has articles published in many notable publications in the last decade.