Christian Panucci has had his contract at Serie A outfit Parma terminated by mutual consent.
The veteran defender and his Italian employers announced the parting of ways on Tuesday.
Panucci only joined Parma at the start of the 2009/10 campaign, having left Roma as a free agent.
The player has denied that his decision to walk away from the club is the result of a falling out with coach Francesco Guidolin, claiming he made the choice based on 'personal reasons'.
The 36-year-old had been a first-team regular for Parma this term, but was due to be out of contract at the end of the season regardless.
He has given no indication that he is preparing to hang up his boots, with a glittering career having taken in spells at AC Milan, Real Madrid, Inter Milan, Chelsea and Monaco.
Panucci has also been capped 57 times for his country, scoring four goals.
He has thanked Parma for the support they have given him over recent months and has wished the club, their fans, president Tommaso Ghirardi and his team-mates all the best for the future.