The 31-year old Northern Ireland international came to Upton Park almost 9 years ago in £1.7 million deal from Manchester City and has struggled to recover from a number of injuries over the last couple of seasons.
Aside from the injuries Lomas is still one of the highest paid players at Upton Park, with a salary believed to be around £1.5 million-per-year.
With the board of directors looking to reduce the wage bill even further this season Lomas looks set to be given a free-transfer.
Lomas said in response to the news, “The club have told me that they will be looking at my future, which is understandable but also a shame.”