But, according to the Chronicle, he has been left "devastated by Newcastle United’s decision to let him know he was no longer needed by the club – by letter".
The Dane had expressed a wish to leave United after hearing of interest from rivals Sunderland ... but the Chronicle claims he wanted to stay.
Either way ... he's OUT THE DOOR!
A source close to former Rangers ace Lovenkrands told the Chronicle: “Peter was keen to stay on and help fight for the cause.
“Instead he received a letter telling him not to bother turning up for the first day of pre-season training today.
“He is devastated and upset by this.
“Despite the pain of relegation he wanted to talk about a new deal and put some wrongs right from last season.
“You would have thought that was the sort of player Newcastle needed this season, but clearly they have other ideas.”