Lancashire finished second-bottom of the county championship over the summer under the captaincy of Anderson, who nevertheless claimed a fantastic haul of 50 wickets in 11 matches at an average of 17.68.
But incoming director of cricket Paul Farbrace, alongside new chief executive Richard Kenyon, informed England's record wicket-taker in a meeting last Monday his contract would not be renewed for 2027.
Lancashire's decision mirrors the end of his England career two years ago, when he was told by director of cricket Rob Key, head coach Brendon McCullum and captain Ben Stokes he was surplus to requirements.
"It feels very similar," the 44-year-old said on his Tailenders podcast. "Last year didn't go too well for us and all through the season, myself and the head coach were saying 'is it something we're doing?'.
"I finished the season thinking 'was it something I did? Was I doing something wrong?'. And then I get told this news and now I'm thinking it even more.
"I'm thinking 'this is happening again, is there something fundamentally wrong with me as a person?'.Â
"Your head just races and I didn't know what to make of it for a good week. You're thinking 'I'm never going to play cricket again'."
Asked whether he plans to extend his remarkable career, Anderson, who will turn 45 next July, replied: "I'm still trying to process everything and weigh up what the best way forward for me is, really."
The way Lancashire's hierarchy have treated Anderson has been divisive for club members, while his long-time England opening bowling partner Stuart Broad labelled it "disrespectful".
Anderson's career at Lancashire spanned more than a quarter of a century and he claimed 443 wickets in first-class cricket for them, as well as 83 in List A matches and 50 in T20s.
"It's been 10 days since it happened," he added. "I am starting to get excited about the future and whether it is something different, whether it is playing cricket again, there's exciting challenges ahead.
"I've got to attack it like that and not dwell too much on how or why it finished at Lancs. I am sad the way it ended with the club I supported as a kid.
"I was born there, grew up watching them, had some of my most memorable days out with dad watching them, got to play for them and captain the club, which is something most people dream about.
"I feel like I have a special connection with the club and will always support them."
