However, as the highly-rated stopper is aged just 22 the Magpies were entitled to a compensation package for the Irish under-21 keeper - meaning he has remained at Meadow Lane during the early part of this season.
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The decision to release Deeney - who impressed as Notts' first-choice stopper throughout the last campaign - means the Magpies will now waive their right to compensation for the youngster. The goalkeeper will officially leave the Magpies on October 10th, after five years at the club.
McFaul's departure, meanwhile, will come as more of a surprise to Notts County supporters - who had watched the Irishman succesfully complete the transformation from promising Youth Team player to fully-fledged professional.
The 19-year-old suffered as a result of his versatility, with Thordarson unable to find a regular position for the lanky youngster in his team. The Irish under-19 international made his debut when he was barely 17 under Billy Dearden against Swindon Town, impressing with his assurance in midfield.
The defender-cum-midfielder made his full breathrough into the first-team last season under Ian Richardson, making 27 appearences - many of them from the alien position of right-back.
However, the youngster has grown repeatedly homesick over the past year and has not featured in any of Thordarson's squads so far this season.
The Irishman's contract - which expired at the end of this season - was terminated by mutual consent today.
Despite only turning 19 in May, McFaul has made an impressive total of 34 first-team appearences for the Magpies.
NCM would like to wish both players all the best in their future careers.
Meanwhile, Notts County's other young Irishman - Emmet Friars - has extended his loan spell at AFC Telford by a further month.
For more reaction on the departures, be sure to check back to NCM in the coming days.