Holloway told The Herald: "His future will be elsewhere. I'm disappointed, because I don't like losing out on people that I can't get the best from."
Djordjic joined Plymouth from Rangers in May 2005 and made 19 starts for the Pilgrims, scoring four goals.
He joined Manchester United in February 1999 and had loan spells at Sheffield Wednesday, Red Star Belgrade and AGF Aarhus before joining Rangers, where he made little impact.