The 26-year-old linked up with Town back in February on loan from Barnsley, part of the deal that saw Michael Boulding move to the Tykes.
Rankin was never high in the pecking order at Oakwell, he did however impress for Town. His future, or lack of it, in South Yorkshire was sealed after celebrating in front of the Barnsley fans during the 6-1 drubbing at Blundell Park in March.
His release from Barnsley was soon negotiated and he signed a contract with Town until the end of the season. A rumoured clause in the contract stated that Rankin would be rewarded with a two-year contract should Town avoid relegation, sadly we never found out if that clause was to be honoured.
Rankin's pace, power and prowess in front of goal made him a big fans favourite at Blundell Park and no doubt many will be disappointed to see him leave.
However the option of third division football wasn't appealing enough for the ex-Arsenal man and Brentford's Martin Allen offered him the chance to return to London.
Ironically, Rankin's last goal in a Town shirt came against Brentford - a powerful header from Graham Hockless' cross. That mean the battle to avoid relegation went to the last day of the season.
The pressure will now be on the new manager, whoever that may be, to bring in a replacement for Rankin.