Toure, who was a free agent in the summer after leaving City, chose to join Olympiakos in September, where he spent the 2005-06 season.
Toure hasn't played a game since the start of November and has made only three starts for the Greek club.
Toure was released from City after scoring 59 goals in 230 matches for the club, winning the Premier League title on three occasions. Olympiakos would like to thank him for everything he has offered to the club.
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Seluk had famously said he was so sure his client Toure was so fit he was willing for him to sign for a top 6 club for just £1 a week!
The Greek outfit are now third in the league and say they have "mutually agreed" to end Toure's contract with the club.
"Yaya is leaving as a friend and the doors at Olympiakos will always be open for him".
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"Yaya will remain deeply devoted to the club and wishes to Olympiakos lots of success".
He then joined Barcelona in 2007, before moving on to Manchester City in 2010, where he became a fan favourite during a highly-successful eight year spell. Whilst I would love to have the opportunity to see Toure play again in the Premier League I believe such a move would be unlikely.
Manchester City icon Yaya Toure has been cut loose by Olympiakos.
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If Liverpool beat Napoli by two clear goals, they will leapfrog the Italians by virtue of head to head record and make it through. Asked about PSG's chances of winning the Champions League , Mbappe added: "We need to see what we'll have in front of us".