The former Wakefield and Castleford half-back is out of contract at the Chris Moyles Stadium and will not be offered a new deal.
Handforth, whose hopes of going Down Under with Ireland for the 2008 World Cup rest hinged on the outcome of last night's RFL disciplinary hearing, is one of a number of players who will not be with Rovers next year.
Utility backs Nathan Batty or Nathan Larvin will not be offered new deals, Gavin Swinson has retired and Jamie Benn has been released to play amateur RL.
Handforth has been charged with a category F offence, foul and abusive language and actual aggressive contact with an official, after being dismissed in the closing stages of Featherstone's Co-operative National League One clash with Halifax on the final day of the season. The offence carries a sentence of anything between an eight-match suspension and a life ban.
Featherstone have called a press conference at the Chris Moyles Stadium on Monday when they will unveil their new first-team coach.
Chief executive Andy Prout said: "We have made further progress, and just have a few loose ends to tie up, but we are confident in being able to announce who our new coach will be on Monday."
Former Doncaster and Hull KR coach Gary Wilkinson is the latest name in the frame, with ex-Sheffield and Rhinos boss Daryl Powell another reported to be in the running.
Meanwhile, Rovers this week paid tribute to the loyalty and dedication of long-serving hooker Swinson, who has announced his decision to retire from the game owing to recurring shoulder problems.
He first signed for the club 1998 but struggled to break into the first team and had spells at Rochdale and Batley before returning to Post Office Road.
Swinson made the bulk of his 74 first-team appearances during his second spell at the club, with the highlight an influential display in last year's NL2 Grand Final at Headingley.
Said Mr Prout: "Who will forget his line break and deft crossfield kick which set up Wayne McHugh's second try.
"As a player I always had the utmost regard for Gavin as every time he played you could rely on him giving 100 per cent. He was also prepared to play in other positions, other than his favoured hooking role, and has appeared in the centre and on the wing.
"Whether at training, during match days or social occasions, Gavin was, and still is, the life and soul of the party and we could always rely on him to lift morale.
"We are hoping that Gavin will stay in and around the club and take a starring role as part of our match-day entertainment in the future. We wish him all the best for the future and thank him for his long years of service."
Swinson made 16 of his 74 first-team starts off the bench, scoring 19 tries.
The annual players' awards night will be held in the Rovers clubhouse tomorrow (Friday) evening, starting at 7.30pm.
Tickets, priced £12 and including entertainment, buffet and a raffle draw, are still available from the club shop.
On Sunday, September 21, the Chris Moyles Stadium is the venue for a celebrity soccer match between stars of ITV soap Emmerdale and a Red Carpet XI.
The charity game aims to raise cash for DebRA - a charity for children with a painful genetic skin condition (EB) - and Featherstone Sports and Education Foundation. Tickets (£5) are available from the club shop, on-line and selected B & Q stores.
Latest £500 winners in the Rovers treasure chest lottery are H Pearson (H0769), D Taylor (N1794), J Colby (B4730), A Cook (E1930), T Greenwood (H6248). Junction meal voucher: V Farrar (W0235).