Luca Toni's contract at Bayern Munich has been cancelled by mutual consent ahead of a proposed move to Genoa.
The experienced striker had 12 months still to run on his deal at the German champions, but has reached agreement to leave the Allianz Arena on a free transfer.
Toni struggled to make an impact under coach Louis van Gaal during the first half of last season and spent the second half of the campaign on loan at Roma.
He has been linked with several clubs back in Serie A and Genoa claimed earlier this month that the proven front man was ready to agree a two-year contract.
The 33-year-old was top scorer in the Bundesliga during his debut season with the club in 2007/08 and has been thanked for his contribution during his time at Bayern.
"I would like to thank Luca Toni with all of my heart for his performances and goals, particularly in the 2007/08 double-winning season," said Bayern chairman Karl-Heinz Rummenigge.
"I wish Luca Toni now all the best with the future at his new club."
Now that Toni is available on a free transfer, Genoa are expected to move in to finalise a deal for the striker, who failed to secure a place in Italy's World Cup squad.