The 35 year-old moved to Athens after leaving Manchester City when his contract expired at the end of last season.

However, Toure managed just two Super League appearances and five in total in three months, his last outing coming in the 5-1 Europa League win over Dudelange in early November.

It has been reported in Greece that former Barcelona man Toure fell short of the expectations of manager Pedro Martins.

"Olympiacos and Yaya Toure would like to announce to the fans that they have mutually agreed to end their cooperation," a club statement confirmed. "Yaya is and remains an important member of the Olympiacos family, who has marked a central part of the history of the club.

"Olympiacos would like to thank him for everything he has offered to the club.

"Yaya will remain deeply devoted to the club and wishes to Olympiacos lots of success. Yaya is leaving as a friend and the doors at Olympiacos will always be open for him.

"Our paths will surely cross again."

Toure spent the 2005-2006 season with Olympiacos before joining Barcelona, winning a league and cup double.

Olympiacos is third in the Super League table after 13 games this term, eight points behind leader PAOK.