The Toffees have confirmed King will leave the club when his contract expires at the end of June after a disappointing short stint at Goodison Park in 2021.
Carlo Ancelotti brought the Norwegian international into the club in January, to provide cover for his attacking options, with Bournemouth accepting a nominal fee for the 29-year-old.
However, after failing to find the back of the net in 11 appearances, the club opted against activating their option of a 12-month extension.
Cristian Tello has been linked with a possible departure, with extension talks stalled over a new deal, and Real Betis prepared for a sale to avoid losing him on a free in 2022.
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