A club statement said: "We are pleased to say that all issues between Russell and Yeovil Town football club have now been amicably resolved and we are pleased we can all draw a line under the matter for the benefit of both parties.
"We are grateful for the help of the League Managers Association through its chief executive Richard Bevan in dealing with this matter. We wish Russell well in his future career and thank him for his time at Yeovil Town."
Bevan added: "All parties are delighted the settlement has been agreed in a cordial and professional manner. I am sure a manager of Russell's experience will be back in management in the not too distant future."