Swansea have parted company with Spanish forward Michu by mutual consent.
The move had been expected since last summer when manager Garry Monk confirmed that the once-capped Spain international would not play for the Barclays Premier League club again.
Talks over terminating the player's contract had dragged on until now with both parties seeking to find a suitable settlement.
"Both parties have reached a financial agreement over the remainder of the 29-year-old's contract, which ran until the end of this season," said a statement on Swansea's official club website.
"The agreement will allow Michu to become a free agent and assist him to find a new club straight away in order to kick-start his playing career again in January."
Michu proved an instant hit following his £2million move from Rayo Vallecano in July 2012, scoring four times in his first three games and ending the season with 22 goals as Swansea won the Capital One Cup - the club's first major trophy in 101 years.
However his second season in Wales became a frustrating affair despite the Oviedo-born player being capped by Spain coach Vincente Del Bosque in a World Cup qualifier against Belarus in October 2013.
Injury restricted him to 24 appearances, in which he scored six goals, and his final game for Swansea came in a 1-0 defeat at Hull in April 2014.
Michu joined Napoli on loan last season but he made only five appearances for the Serie A club as he suffered further ankle misery, and he is expected to make the move back to Spain after his stint in Wales.
