Lokilo had been offered new terms after his deal expired at the end of last season but, like Reece James the parties have been unable to agree.
But the 22-year-old tweeted his anger on Wednesday at "fake news regarding me allegedly asking for too much money."
He added: "This is not true, I have never quoted a figure I was after."
The Belgian thanked Doncaster for his 18 months at the club and wished them well for next season.
Regardless of what was asked for and offered, it is clear agreement was impossible.
Lokilo initially joined on loan from Crystal Palace midway through Darren Moore's first season as manager. The deal was made permanent last summer, a show of faith despite only 17 minutes' football.
In 2020-21 he made 16 starts and 23 substitute appearances in all competitions, scoring his only goal at Fleetwood Town in February but making four others.
Negotiations with midfielders Lirak Hasani and Liam Ravenhill, son of former midfielder Ricky, over new contracts are continuing but this week it was announced that James will join League One play-off winners Blackpool when he officially becomes a free agent on July 1.
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