The 22-year-old Irish striker has enjoyed his best season in a Notts shirt this term, after showing large amounts of potential from the bench in the past two seasons.
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He has been chased by a whole host of higher clubs and it came as no surprise when Notts manager Gary Mills earlier today confirmed to the Evening Post that Heffernan won't be at the club next season.
"It is a blow, although it is not entirely unexpected.
"He had not accepted the contract we offered him so I just asked him after training yesterday if he had any intention of signing.
"He told me it was not a matter of finance and it wouldn't matter what we offered him.
"Clearly he is looking for a future elsewhere. Where that is, I really don't know. The important thing is it will not be with us.
"It is a blow, because he is a player we obviously wanted to hold onto.
"He has scored most of our goals this season."
As the striker is under the age of 24, Notts will be entitled to some compensation, but that figure will be decided by the often unpredictable tribunal.
While figures of around £300k have been quoted today, it may be nearer £100k that the Magpies will have to accept for the pacey forward.
Heffernan has scored 37 goals for the Magpies in 78 starts, though it looks likely he has now played his last game for the club, as Mills looks to build for next season.
Premiership sides Bolton and Tottenham, plus Reading, Sheffield Wednesday, Coventry, Sheffield Utd, Preston and even local rivals Nottm Forest lead the chase to sign the highly-rated forward.