Veteran cornerback Stephon Gilmore and the New England Patriots have "mutually agreed" to part ways after more than four seasons following reports that both sides failed to reach an agreement regarding a new long-term contract. 

Gilmore, 31, posted a message on Instagram confirming his departure: "It is with mixed emotions that I announce my goodbye to this great fan base." 

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He continued: "We enjoyed so much success together and you have been an incredible inspiration for my individual achievements. Thank you for supporting this Rock Hill kid and allowing him to achieve his NFL dreams." 

Dec 10, 2020; Inglewood, California, USA; Los Angeles Rams wide receiver Cooper Kupp (10) tries to break free from New England Patriots cornerback Stephon Gilmore (24) during the fourth quarter at SoFi Stadium. Mandatory Credit: Robert Hanashiro-USA TODAY Sports

Dec 10, 2020; Inglewood, California, USA; Los Angeles Rams wide receiver Cooper Kupp (10) tries to break free from New England Patriots cornerback Stephon Gilmore (24) during the fourth quarter at SoFi Stadium. Mandatory Credit: Robert Hanashiro-USA TODAY Sports (Robert Hanashiro-USA TODAY Sports)

A four-time Pro Bowler, Gilmore began his fifth season with the Pats on the physically unable to perform list as he worked his way back from a quadriceps injury late last season that required offseason surgery. He would have been eligible to begin practicing again after Week 6.

The Patriots and Gilmore had been trying to work out a restructured deal since this summer. The 31-year-old sat out both the voluntary and mandatory portions of New England’s offseason program in May and June as he looked to get additional compensation entering the final season of the five-year, $65 million deal he signed in 2017.

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Oct 18, 2020; Foxborough, Massachusetts, USA; New England Patriots cornerback Stephon Gilmore (24) breaks up a pass to Denver Broncos receiver DaeSean Hamilton (17) during the second half at Gillette Stadium. Mandatory Credit: Paul Rutherford-USA TODAY Sports

Oct 18, 2020; Foxborough, Massachusetts, USA; New England Patriots cornerback Stephon Gilmore (24) breaks up a pass to Denver Broncos receiver DaeSean Hamilton (17) during the second half at Gillette Stadium. Mandatory Credit: Paul Rutherford-USA TODAY Sports (Paul Rutherford-USA TODAY Sports)

Bill Belichick released a statement saying the decision to release Gilmore was "mutually agreed" on. 

"I am grateful to Stephon Gilmore for his significant contributions to our team," his statement read. "It was a privilege and pleasure to coach Steph, I appreciate him for the true professional and class act that he is and wish him all the best in the future." 

According to the NFL Network, Gilmore had been eyeing a long-term deal that would make him among the top paid cornerbacks in the league. 

He told ESPN this summer that he only wanted fair value and that he was feeling good following surgery.

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FILE - In this Oct. 18, 2020, file photo, New England Patriots cornerback Stephon Gilmore stands along the sideline during the second half of the team's NFL football game against the Denver Broncos in Foxborough, Mass. The Patriots are releasing 2019 NFL Defensive Player of the Year Stephon Gilmore after the two sides couldn’t come to terms on a new contract. (AP Photo/Charles Krupa, File)

FILE - In this Oct. 18, 2020, file photo, New England Patriots cornerback Stephon Gilmore stands along the sideline during the second half of the team's NFL football game against the Denver Broncos in Foxborough, Mass. The Patriots are releasing 2019 NFL Defensive Player of the Year Stephon Gilmore after the two sides couldn’t come to terms on a new contract. (AP Photo/Charles Krupa, File) ((AP Photo/Charles Krupa, File)

"I just want what I’m worth, however that plays out," Gilmore told the outlet. "Every player should be paid what they’re worth. That’s just how it is."

The Associated Press contributed to this report.