Moyes was right to pass on King
King was amongst five senior players who will depart when their contracts expire and save Everton more than £1m a month in wages.
King made little impact after joining on a short-term deal from Bournemouth in January and the decision not to extend his stay is no surprise.
The 29-year-old was restricted to 11 substitute appearances and failed to score in a spell affected by injury. David Moyes reportedly turned down the chance to bring him to West Ham last summer despite fever pitch speculation he was on the verge of becoming a Hammer.
King will become a free agent on 1 July but David Moyes is not thought to have any interest in the striker.
Moyes and the West Ham owners were slated by supporters for letting King slip through their fingers last summer as he joined Everton.