The 29-year-old former Manchester United youngster joined the Seasiders in November on a short-term contract, which expired this weekend.
Manager Lee Clark said: "We'll not be renewing Chris's contract, we'll be using the finance for that one elsewhere.
"We've got other areas where we need to strengthen."
Eagles made seven appearances for Blackpool and scored one goal, in the 2-2 draw at Charlton last month.
[You must be registered and logged in to see this link.]
Manager Lee Clark said: "We'll not be renewing Chris's contract, we'll be using the finance for that one elsewhere.
"We've got other areas where we need to strengthen."
Eagles made seven appearances for Blackpool and scored one goal, in the 2-2 draw at Charlton last month.
[You must be registered and logged in to see this link.]