'Deano' is rumoured to be on his way back to Bradford City, where he scored 20 goals in just under 100 appearances between 1999-2001.
He left Valley Parade to join Middlesbrough, before going to Sheffield United on loan then signing a short-term deal in January. Over the two spells he started 22 games and scored 6 goals, but was dropped for the Division One Play-Off Final by manager Neil Warnock.
Windass said: "I just felt I couldn't trust Neil anymore and I had an option to sign for another year and I've decided not to take that option up."
A return to Hull for the 34-year-old forward has earlier been ruled out.