The 28-year old defender, son of former Wanderers manager Colin Todd, had held a meeting with Souness earlier this week and had asked to be put up for sale following limited opportunities since his return North having only featured in 14 games, one of which against Birmingham City he was dismissed for a foul on Christophe Dugarry.
Souness was reluctant to list the defender stating he was part of his plans for next season "Andy Todd came to me, and asked for a transfer.
I don't want to lose him, but we've reluctantly accepted it.
He feels as though, he needs first team football, at this stage in his career."
Despite the loss of Henning Berg over the summer, Rovers had added Rangers defender Lorenzo Amoruso and this just meant Todd's role at Ewood Park would remain the same and it now seems the player will seek regular football elswhere.
The former Middlesbrough and Swindon Town defender left Bolton in November 1999 to move to Charlton following over 80 appearances for the Wanderers between 1995 and 1999, he has also had a loan spell with Grimsby Town in 2002 prior to his move to Ewood.