The experienced 32-year-old departs Stadio Ennio Tardini with Parma propping up the league table following Sunday’s home defeat to Cesena – a result that left the Gialloblu 10 points from safety.
A statement published on fcparma.com on Monday night read: “Parma have today reached a mutual agreement with Antonio Cassano to cancel his playing contract.”
Reports in Italy suggest Cassano had written to the club’s new directorship demanding six months of unpaid wages. Parma were bought by a Cypriot-Albanian consortium in December.
The former AC Milan and Roma striker was a second-half substitute in the 2-1 defeat to 19th-placed Cesena and was pictured talking to home fans alongside head coach Roberto Donadoni at full-time.
Parma finished sixth last season to qualify for the Europa League but an unpaid tax bill led UEFA to deny them a European licence. The decision exacerbated growing financial problems and prompted former president Tommaso Ghirardi to sell on the club he had bought at an auction in 2007.