Monaghan, 24, is moving to Australia with his partner and will hopefully be able to progress with his football career whilst he is over there.
A club statement said: “The club would like to thank MJ for his hard work and efforts since he has been with us. The club will issue further details along with statements in the coming days.”
Monaghan has previously played for Telford, Marine, Skelmersdale United and Warrington Town.
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