The 21-year-old defender made just two appearances for the Light Blues in 2013/14 as he battled with injury and he has decided now is the time to move on as he seeks regular first-team football.
Hegarty joined Rangers in 2010 after a spell down south with Millwall and in May 2012 he made his senior debut for Ally McCoist’s side in a friendly against Linfield at Windsor Park.
That was a proud moment for the former Northern Ireland under-21 captain who then put pen to paper on a new one year deal that summer.
Chris went on to make 28 starts and one substitute appearance as Rangers completed stage one of The Journey in the Scottish Third Division in 2012/13 and last season he scored after just two minutes in his club’s first League One fixture against Brechin City at Ibrox.
Injury problems, however, halted his progress but he has plenty of great memories from his four years at Rangers, he said: "I fulfilled an ambition by playing for a team I grew up supporting and I'll always be grateful for the opportunity.
“I had a bad time with injury last season and at this important stage of my career I need to play first team football week in week out and the manager was good enough to let me go and pursue that.
"I'd like to thank physio Steve Walker and Doc Jackson for all their work getting me back to full strength, the gaffer and his team, and of course the loyal Rangers supporters who as players we are honoured to represent.
“I wish the team all the best in the Championship next season and I look forward to returning to Ibrox as a fan."
Everyone at Rangers Football Club would like wish Chris well for the future.