The 31 year-old Frenchman, who joined Rangers from Lazio for a reported £4million in 2012, made 29 appearances and scored 10 goals but spent the second half of last season on loan at Qatari outfit Al-Gharafa.
Boss Harry Redknapp needs to reduce the wage bill following Rangers' relegation from the Premier League and Cisse has followed fellow attacker Jay Bothroyd out of the exit door.
The former Liverpool forward had a year left on his contract.
He had been linked with a move to Montpellier but their chairman Louis Nicollin said this week he did not want to sign "a guy who plays DJ in bars".
A statement on Rangers' website read: "The club would like to thank Djibril for his contribution and wish him all the best for the future."