Valencia have cancelled Ricardo Costa’s contract 11 months before it was set to expire.
The 33-year-old has been at Mestalla since 2010, and had been thought to stay until at least next summer when his deal was set to run out.
However, the club and the player have decided to go their own ways, with the centre-back thanking the fans for their support.
“I'm leaving Valencia in good conscience and with the affection of the fans,” he told the club’s official website.
“[These] have been years of great happiness where I felt the support of the fans in good times and bad times.
“I want to send greetings to all Valencianistas, the workers, my colleagues, the media and everyone with whom I have shared moments.
“It is time to start a new stage in my career, but I always take Valencia in my heart. I was proud to be captain of this team.”