Goalkeeper Graeme Smith has left Hibernian after making only 16 appearances for the Edinburgh side since leaving Brighton in January 2010.
Hibs' website stated that Smith "has been released from his contract by mutual consent with immediate effect".
The Edinburgh-born 27-year-old moved to Easter Road in January 2010 after being released by League One club Brighton.
But he has found himself behind Graham Stack and Mark Brown in the pecking order under manager Colin Calderwood.
Calderwood also has back-up in the shape of Jakub Divis, who was signed on loan from Tatran Presov in January, and Smith has made only six appearances this season.
Smith, who started his career with Motherwell and also played for Rangers, played his last game for Hibs on 1 March as a first-half substitute for the injured Stack in a 2-1 win over Hamilton Academical.
Calderwood had 14 players due to go out of contract at the end of the season and had promised to make an early announcement about those he will allow to leave the club.
Meanwhile, Hibs have announced a re-organisation of the club's board.
Chief executive Scott Lindsay will take on the role of executive director and will lead a dedicated football administration team at the club's training centre in East Lothian.
Fife Hyland, who was the communications and commercial director, will take on the role of managing director with responsibility for the day-to-day running of the club's business affairs based at Easter Road Stadium.
The changes are expected to be in place at the start of next season.