Oumar Niasse will leave Everton on a free transfer when his contract expires on June 30 - four-and-a-half years after becoming the club's third most expensive player.
The striker managed just 43 first-team appearances during a largely troubled spell at Goodison Park and was previously shipped out on loan to Hull and Cardiff.
Everton officials have tried and failed to get rid of Niasse permanently during recent transfer windows, but he will finally depart at the end of this month.
The Senegal forward was signed by Roberto Martinez for £13.