Both players have expiring contracts with Milan and have been allowed to leave after a season in which they featured infrequently.

Their departures make it three veterans to wave goodbye to the club in the space of two days, after Alessandro Nesta revealed on Thursday he too will quit San Siro.

Gattuso, who joined Milan from Salernitana in 1999, has made only six appearances this season after a serious eye problem forced him to spend several months on the sidelines.

He said earlier in the week he could retire from football if he was not guaranteed an active role at Milan next season, but he has now opened the door for a new challenge.

"I leave because the time has come for me to give room to other players," he told reporters.

"I will explain everything at a press conference on Saturday. I do not know yet where I will go, I have not yet decided."

Inzaghi, 38, has been at Milan since 2001, when he joined the club from Juventus in a 37 million-euro deal, scoring 125 goals in 296 appearances for the club.

He has only made eight appearances to date in 2011/12, with his brother, Simone, revealing the Milan ace will not retire from football just yet.

"Today I would like to thank with affection and emotion President Berlusconi and Adriano Galliani," Inzaghi said in an open letter published on Milan's website.

"Their electricity and their ability to transmit emotion for me made me stronger and pushed me beyond any and all limits.

"But I also want to give a thought to those who, from the youth sector to all the wonderful clubs that I've played for, helped me to become the man and the player that I am today.

"Thank you Milan, thank you football. Allow me to call you my own, the people of Via Turati, from Milanello to the offices to the phone operators to the warehouse workers, the physiotherapists, the doctors, the cooks, from the stadium to the changing room.

"All the people who saw me on Sunday with the short sleeves and shook with the hope that I would score.

"Ciao Carlo Ancelotti, I won a lot with you, ciao to my wonderful fans who followed me the world over with affection and passion. Ciao to my team mates from today and yesterday."

More players could join the Milan exodus in the next few days, with seven others having expiring contracts.