Memphis, 32, has been a free agent since his Corinthians contract expired on August 1st. Manager Fernando Diniz said that the two parties were close to an agreement and everything pointed to an extension, but the club confirmed on Tuesday that the Dutchman's contract will not be renewed.
"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," Corinthians said in a statement.
"Given Corinthians' current and future financial obligations, it became clear that taking on a new commitment of this magnitude would not be compatible, at this moment, with the financial balance we need to preserve to ensure the institution's sustainability."
Memphis joined Corinthians in 2024 and won three prizes with them, claiming the Campeonato Paulista and the Brazilian Cup in 2025, and the Supercopa Rei in 2026. The Dutch striker scored 20 goals and provided 15 assists in 79 appearances for Timao.
The club thoroughly thanked Memphis for his efforts over the last two years.
"We would like to express our deep gratitude to player Memphis Depay and his entire team, who from the start of negotiations sought the best possible agreement. To the player in particular, the club are eternally grateful for the dedication and the results achieved throughout his journey with us."
The 112-time Netherlands international, also the all-time top scorer of the Dutch national team, played three games for Oranje during the 2026 FIFA World Cup, providing one assist.
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