Cassio, who is a two-time club champion, made 158 appearances for the club but has found himself on the sidelines all season following a hamstring injury.
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Adelaide United management released a statement on Tuesday which thanked Cassio for his services, saying: “the Adelaide United Football Club has today agreed to a mutual termination of the playing contract of Cassio de Abreu Oliveira effective immediately.”
“Cassio is a two time Club Champion having made 158 appearances and scoring 11 goals for the club.
“The Adelaide United Football Club would like to express its appreciation of the great service Cassio gave to the Reds during his time and wish him all the best in his future endeavours.”
Last week United boss Josep Gombau publicly lambasted his player over his absence during the FFA Cup final, and hinted that his future at the club was in doubt.
“Cassio has [done] something that I don't like and that is he didn't come before the game to say to the players `good luck' and after the game he didn't come to celebrate with the players,” he said.
"For me this is disrespectful. No chance."
Despite his inglorious exit from Coopers Stadium Cassio will be remembered as one of the most loyal players at the club, having earlier spent time with Brazilian heavyweights Flamengo.
At 34 he may struggle to find another top-level club, but having obtained Australian citizenship, will be an outside chance at finding a spot in the January transfer window.