Argentine forward Javier Saviola parted company with Benfica on Thursday, amid reports in the local media that the 30-year-old is poised to join Spanish club Malaga.
"Benfica and the player Javier Saviola have reached an agreement on the termination of his contract," read a statement from the club, which did not provide further information.
Saviola's contract had been due to expire at the end of the 2012-13 season.
A former Argentina international, Saviola joined Benfica from Real Madrid in June 2009 for a fee of five million euros ($6.25 million).
He scored 39 goals for the club in 121 matches and won the Portuguese league title in 2010.