Toure, 35, joined Olympiakos three months after originally making his mark in Europe with the Greek side amid the 2005-2006 season.
“Olympiacos FC and Yaya Toure might want to announce to the fans that they have mutually agreed to end their cooperation,” an announcement by the club said.
“Yaya is leaving as a companion and the entryways at Olympiacos will always be open for him,” the announcement added.
A Champions League victor with Barcelona in 2009, Toure just started three games since coming back to Greece as a free agent in September.
Toure was one of Manchester City’s key signings that helped the club win three Premier League titles however was released at the finish of last season.
Toure has made 101 international appearances and scored 19 goals for the Ivory Coast.