Squad members Asmir Begovic and Joao Virginia, whose contracts are also due to expire this summer, will also depart the club.

The news of Young's departure comes a day after David Moyes confirmed that club captain and long-serving veteran Seamus Coleman would remain at Everton next season.

Everton will host already-relegated Southampton in its final home game of the season, bidding farewell to Goodison Park ahead of a move to the newly named Hill Dickinson Stadium.

"Since my return to the club, I've seen what a great professional Ashley is and know the leadership qualities he has brought to the squad during his time at Everton," Moyes said.

"His versatility, experience and know-how have also been really beneficial to the team and me."

Moyes also addressed the complex situation regarding several players reaching the end of their contracts, adding: "This is a complicated situation in many respects, with so many players out of contract this summer.

"It's important to me to speak with all of those players, individually, to give them clarity on their situations."

Young, a Premier League champion with Manchester United, joined Everton in 2023 and has made 68 appearances for the club, finding the back of the net twice.

He ranks 18th in the Premier League all-time appearance list with 483 appearances across his 22-year career.

"I'd like to thank both Sean [Dyche] and David [Moyes] for giving me the opportunity to play for this club," the 39-year-old said through a statement on social media.

"To all the staff that have been on this journey, thank you all for everything you've done and, in whatever way, you've helped trust me.

"Then of course, you players, I have loved every minute of every day being in and sharing the dressing room with you. We've had ups and downs, people going against us; but our togetherness inside our dressing room has got us through tough times.

"Now to you fans, you're a tough bunch, but thank you for your support.

"I've had my doubters and haters, I'm all for it as I know you have seen the passion, determination, fight and winning mentality I have had all throughout my career."

Young ended with a message to the fans about the upcoming season.

"I just want to say keep being together and move into the new stadium, giving the Evertonians what they deserve, which I believe is good football, hunger, fight, desire and winning," he said.

"Tomorrow is going to be full of so many emotions for everyone, but let's leave Goodison smiling and happy."

The match against Southampton will be Everton's 2,789th and final game at Goodison Park in all competitions, where it currently has a record of 1537 wins, 660 draws, and 591 losses.