The Ivory Coast midfielder left Manchester City at the end of last season but failed to make an impact with Olympiakos, and his last appearance came on November 4. However, he has now left the club after just three months. Its not a surprise that journalists have begun to speculate he may move to join the ex Manchester City contingent at West Ham under his old manager Manuel Pelligrini.
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In a statement, Olympiakos said: "Yaya is and remains an important member of the Olympiakos family, who has marked a central part of the history of the club".
The behaviour ensured that despite the Club affording him legend status and naming a training pitch in honour of his contribution, he engendered some strong responses from the fans, some of whom considered Toure had sullied his own legacy through his behaviour.
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"Yaya is leaving as a friend and the doors at Olympiacos will always be open for him", the announcement added.
It is unclear as to the exact reason behind the mutual termination of Toure's contract, with his long-term future also unclear at this stage.
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Toure joined Barcelona in 2007 and won two La Liga titles and the Champions League in 2009.