SAN FRANCISCO (Reuters) - Home run record holder Barry Bonds, the biggest name in baseball, will leave the San Francisco Giants at the end of this season, the player and team said on Friday.

Bonds said on his personal website (http://barrybonds.mlb.com) that the Giants had told him he would not be playing for them in 2008 but added he intended to continue in the game.

"Yesterday (Thursday), I was told by the Giants that they will not be bringing me back for the 2008 season.

"During the conversation with (Giants owner) Peter McGowan I was told that my play this year far exceeded any expectations the Giants had, but that the organization decided this year would be my last season in San Francisco," said Bonds, who has been with the Giants since the 1993 season.

"Although I am disappointed, I've always said baseball is a business -- and I respect their decision.

"However, I am saddened and upset that I was not given an earlier opportunity to properly say goodbye to you, my fans, and celebrate with the city throughout the season as I truly believe this was not a last-minute decision by the Giants, but one that was made some time ago," he added.

Bonds hit his 756th homer, beating Hank Aaron's Major League Baseball record, in the Giants' game against the Washington Nationals on August 7.

However, the record has been surrounded by controversy because many baseball fans suspect Bonds, 43, may not have spoken truthfully when denying steroid use.

Bonds remains under investigation as to whether he lied about past steroid use to the grand jury in the BALCO sports doping case.

Giants owner McGowan said the BALCO case had no influence on their decision to let Bonds go, which he said was part of a team rebuilding process.

"It was a difficult and emotional decision," McGowan told a news conference.

"It is always difficult to say goodbye. In these years there have been a lot of good things and some unfortunate and sad things have happened.

"But there comes a time when you have to do things differently."

Giants general manager Brian Sabean said the team, who have struggled this season, were about to "reinvent ourselves" and that meant it was the right time to release Bonds.

"It became clear to us that if we are going with young people than this was a bridge we had to cross," he said.

The slugger said Friday that he intended to continue in the game with another team.

"I would have loved nothing more than to retire as a Giant in the place where I call home and have shared so many momentous moments with all of you, but there is more baseball in me and I plan on continuing my career.

"My quest for a World Series ring continues," he added.

Bonds, who now has a career total of 762 home runs, played this season on a one-year contract which the Giants said was worth $15.8 million, with potential incentives of another $4 million.

Despite his contributions, the Giants went into Friday's games bottom of the National League's West Division with a 67-86 record.