Finnan only joined the Spanish side from Liverpool last summer, but struggled with injuries during his debut season in La Liga.
He was close to a move to Hull City during the January transfer window and is now being lined up for a move back to England, with Portsmouth, Stoke City, Sunderland and Wolves all linked with the 33-year-old.
The club's sporting director Ramon Planas has confirmed discussions are ongoing regarding a deal to tear up the final 12 months of Finnan's deal.
"We are negotiating to cancel his contract," Planas told the Spanish media.
"Hopefully we can reach an agreement which works for everybody."