Petrescu leaves Saints for home
Southampton have allowed him to leave St Mary's to return home to begin his move into management.
The attacking full back has reached an agreement for the final year of his contract to be cancelled, giving him freedom to move on.
Three top Romanian sides are believed to have shown an interest in the former Chelsea and Sheffield Wednesday ace and Petrescu is excited at the challenge.
"It is an exciting challenge and opportunity for me," Petrescu told the club's official website. "I have always wanted to go into management and now is the right time.
"I cannot say yet which club I will be joining and whether it will be as a player or coach or both but it should be sorted out in the next few days and I am very happy to be going home.
"All my family still live there, my wife, children, parents, brother and a lot of friends and I have missed the country.
"I have felt at home in England and still do - but I think you always want to return to the country where you were born.
"Southampton have been very good to me and I am grateful to them for giving me this chance. I cannot say a bad word about them."
Petrescu found himself out-of-favour with The Saints last season under Gordon Strachan, making just two appearances as a substitute, and his future at St Mary's had been in doubt.
Saints chairman Rupert Lowe paid tribute to the 34-year-old and all he did for the club.
"We thank Dan very much for what he has done for us," said Lowe. "He has been a model pro but he was concerned he was not playing enough football.
"We have mutually cancelled his contract so he can return to Romania to pursue his career there. It is a friendly and constructive decision which suits both parties."