Todd, 34, had been a player-coach last term and also managed the Stags reserve team, but was only offered a coaching role for next season.
"Andy is talking to a number of clubs about continuing his playing career," Cox told the club's website.
"We only offered him a coaching post, so it's in his best interests to look elsewhere now. He did a good job for us while he was here and never let us down as a player.
"Everyone at Mansfield Town would like to wish Andy all the best in his future career."
- Sports & Recreation
- Employment & Career