Corinthians have announced their decision not to renew Memphis Depay's contract due to "the financial health of our institution", though the forward has accused the club of "unacceptable behaviour".

Depay joined Corinthians as a free agent in 2024 on a two-year deal, which expired this summer.

The Netherlands international scored 20 goals in 79 appearances for the Brazilian outfit, helping them win the Copa do Brasil, Paulistao and Supercopa do Brasil across the last two seasons.

The former Manchester United, Barcelona and Atletico Madrid player revealed a contract renewal was agreed with the club before a sudden change of heart from Corinthians.

"This renewal was explicitly agreed upon by the president as well as the sporting, legal and financial department. Some people decided however to breach this engagement," Depay wrote on social media.

"I didn't want this situation and always respected the club throughout the process, but now I am forced to react strongly in order to preserve my interests.

"In the upcoming days I will speak publicly but rest assured that I will not leave this unacceptable behaviour unsanctioned."

Corinthians, who are currently seventh in Brazil's Serie A, claimed the decision was made purely due to financial reasons.

The club released a statement which read: "Sport Club Corinthians Paulista has decided not to renew the contract of athlete Memphis Depay.

"This decision was taken solely and exclusively in consideration of the financial health of our institution, which demands rigorous balance and responsibility in the management of available resources.

"The board also recognizes and values the tireless efforts of all the institution's departments that worked to make the athlete's stay feasible.

"However, after careful analysis, exclusively financial reasons and the commitment to responsible management of the club prevailed."

Corinthians also announced club president Osmar Stabile will hold a press conference in the coming days to provide clarification on the matter.