The 27-year-old Cameroon international joined Espanyol from French club Le Havre in 2004 and has played more than 200 league games for the Barcelona-based outfit, while also helping them win the 2006 Copa del Rey and reach the 2007 UEFA Cup final.
Kameni's destination looks to be Malaga, although the Andalusian club have yet to confirm they have signed the custodian.
A statement on the Espanyol website read: "Espanyol and Carlos Kameni have reached an agreement to rescind the Cameroon goalkeeper's contract. Kameni brings to an end a seven-and-a-half-year spell at the Blanquiazul club.
"As reported by this website, the three-way negotiations with Malaga and Carlos Kameni began on Tuesday and a few hours after, the club's chief executive Joan Collet announced that a principle agreement had been reached, which ended up taking effect this Friday.
"Given the proximity of the transfer, the player was not called up for the last Copa del Rey match nor has he been involved in training this week, with the permission of the club.
"Espanyol wish the player the best of luck in his new professional venture."