It is understood that a £100,000 bid from Dundee United was knocked back earlier this week.
Hearts appeared more willing to allow Stevenson to leave, despite the midfielder still having one year left on his contract. The 29-year-old - who was a firm favourite with supporters - met with director of football Craig Levein on the same day Ann Budge was confirmed as the club's new owner, with the midfielder informed that he would be able to stay only if he agreed to play for a 50% decrease in his wages.
Given that he had consented last season to a similar pay cut, Stevenson refused. The club confirmed yesterday that he has now severed ties with the Tynecastle side.
"We would like to thank Ryan for his contribution as a Hearts player," said a Hearts spokesperson of the player who returned to Tynecastle in 2012 following a spell with Ipswich Town. "He scored some memorable goals for the team and marked what proved to be his last game for the club with a hat trick against Kilmarnock. We wish him all the best."
While showing Stevenson to the door, Hearts have sought to tighten their grip on Wilson. The club captain is on holiday in Mexico but this week was the subject of a bid from United. It is understood that Hearts would have considered selling the defender had United included teenager John Souttar as part of the deal.