The 35-year-old's contract has been terminated by "mutual agreement". 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.
"Olympiakos and Yaya Toure would like to announce to the fans that they have mutually agreed to end their cooperation," the club said in a statement.
"Yaya is leaving as a friend and the doors at Olympiakos will always be open for him. Our paths will surely cross again."
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