The decision will come as no surprise to Ipoua, who claimed earlier this week that he believed he would be released when his contract at the Priestfield Stadium finished in the summer.
"We've got a lot of strikers and something had to give, so my decision was for football and also for financial reasons," Gills player-boss Andy Hessenthaler told the club's official website.
"We had to make cuts if I'm going to be able to bring in a player or two in the summer.
"Guy has been fantastic for this football club but I have to look long-term. He understands our reasons and he's fine by it."