Holroyd, who rewrote Tuss Griffiths' 50 year old goals in a season record this year, had been in discussions over a new contract since July.
The former Leeds playmaker - who rejoined Fax in 2007, almost a decade after leaving for Salford - had even told Courier Sport that he was close to reaching an agreement.
But Holroyd's name has been conspicuously absent from the growing list of players re-signing for 2009 in recent weeks, with Fax's patience finally running out late last night.
"Graham Holroyd has been told he won't be receiving a further contract offer from Halifax for 2009," confirmed Fax chief executive Graham Clay.
"He was among the first group of players who were offered new contracts in late July, but chose not to accept it at that time.
"The contract was an improvement on his current deal, and included an assistant coaching role.
"By mid-September we had still not heard back from him, despite repeated attempts to get him to talk to us.
"We were surprised, especially after the club persuaded the RFL to grant him a three month testimonial, which we felt would be well supported in his home town.
"Given his apparent unwillingness to sign a new contract, we therefore had to look at other options and withdrew the original contract offer."
Clay insisted there "hasn't been a falling out", highlighting the player's age - Holroyd has already admitted that next season would be his last - and the need to build a side ahead of the next round of Super League licence applications in 2011 as key factors in the decision to withdraw from negotiations.
"Graham has been a great player for Halifax over the last couple of years, especially with his goal-kicking, and we appreciate his efforts," said Clay, who also confirmed the departure of another veteran, prop Paul Southern.
"But there comes a time when it's in the best interests of both club and player to go in a different direction.
"We want to build a younger team who can grow together over the next three years.
"We also have a couple of other signings waiting in the wings, but we have a limited budget and couldn't conclude those until we knew what Graham was doing. It's probably better that we do this now."