According to AFL.com.au, the 31-year-old is keen to keep his career alive after 13 seasons in the red sash.
However, despite being forced to the exit at Tullamarine, Zaharakis will assess his options elsewhere, whether that be in Victoria or interstate.
The 2011 Crichton Medal winner was limited to just nine appearances for the Bombers this season, with a bevy of young names managing to cement their place in Ben Rutten's best 22.
An injection of youth is the core Rutten is looking to build on following the club's return to the top-eight, with an accelerated rebuild almost seeing the Bombers snap their finals-winning drought.
The list revamp was a likely factor in Zaharakis and his beloved club having to part ways, a concept he and player manager Scott Lucas have come to accept.
“You’re having discussions with player and club along the way, so you get a sense of where it sits and where it might be moving," Scott told SEN.
“All I can say overall is ‘Zacka’ had some really honest conversations with the coach.
“Players don’t always like the decisions and like what they are going to hear, but if done in the right way then you just respect that person for being honest and upfront.
"It’s never easy for clubs to effectively call time on the careers of great players, loyal servants, well-loved players.
“But that’s the business we’re in.”
Zaharakis leaves the Bombers with an ANZAC Day Medal and 226 games with the club, having made his debut in 2009.