Alex Nicholls will leave the Cobblers on Wednesday after his short-term contract at the club expired.
The striker has spent the past month on loan at Exeter City, and will sign a permanent deal with them in time to play against Northampton at St James’ Park on Saturday.
Nicholls, 27, scored once in 11 appearances for Town this season after making a recovery from a double leg fracture suffered in a game against Port Vale at Sixfields in October 2012
“Alex is playing regular football down at Exeter and we wish him all the best,” said manager Chris Wilder. “He did fantastically well to get back after an horrific injury and he needed to be playing football.
“He’s found a home at Exeter and he’ll most probably sign there permanently.
“You have ideas of how you want to play and how you want to go about things and you give opportunities to people.
“No disrespect to Alex, some managers have ideas about how they want to play and they will be different to other managers.
“Alex has done well for Exeter and I can only look forward to the players I want to build this club around.”