The 24-year-old’s current deal is set to expire at the end of the season.
The midfielder has been linked with the likes of Arsenal, Everton, Liverpool and Manchester United.
A statement on the Dutch club’s website read: “PSV and Ibrahim Afellay have jointly concluded that, for several reasons, it is unrealistic to have his contract extended.”
The statement added: “Afellay has pledged to make every effort to ensure he would not leave PSV without a reasonable fee for the club.”
