The Belgian winger had been offered fresh terms by Rovers with his current contract due to expire at the end of the month.
But the demands of the 22-year-old and his representatives proved to be beyond what the club were willing to pay with talks between the parties now over.
It brings to an end Lokilo’s 18 month stay at the Keepmoat, which began initially as a loan from Crystal Palace and then became a permanent deal last summer.
He made 40 appearances in total for Rovers, scoring one and providing four assists. Only 16 of his appearances came as starts.
Meanwhile, Rovers are continuing negotiations with young midfielders Lirak Hasani and Liam Ravenhill over new deals.
Ravenhill - who made his senior debut for Rovers last season - has been offered pro terms for the first time with Hasani seeking a contract renewal.