The 40-year-old is leaving his position as goalkeeping coach, ending his second spell at the club which he first joined in 2008.
He left in 2017 for two seasons at Cowdenbeath before returning in 2019 for a dual role as player and coach.
McGurn says he is "gutted" to say farewell to Stark’s Park for the last time.
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“It's a sad day but the club needs to move forwards and has ambitions of getting to the Premiership and unfortunately I couldn't commit to full-time football,” he said.
“They're a great bunch of lads and great coaching staff and management. This season has been brilliant in getting to the play-offs.
“It's quite emotional to be leaving.”
In total McGurn made 256 appearances between the sticks for Rovers, proving to be a huge hit with the fans and was awarded a testimonial match in 2018 as well as being inducted in the the club’s Hall of Fame three years earlier.
He says he has many fond memories.
“Beating Dunfermline in the League Cup at their ground, getting to the Scottish Cup semi-final, winning the League in 2010 and last year as well, there's been lots of highlights.
“I played with a lot of great players too. You can go back to Stephen Simmons, Mark Campbell, Graeme Weir, Allan Walker and then there's fantastic players here now.
“Away from the football side of it the fans have always been brilliant to me. To get voted into the Raith Rovers Hall of Fame by the fans was great, especially when you see all the other names that are in there.
“I'm honoured to be alongside them."