Guti parts company with Besiktas
The midfielder's contract was terminated after he failed to return to the club following a three-day break, said the reports.
Guti, whose contract was due to expire in May 2012, had made only three appearances this season for Besiktas.
The 35-year-old played more than 500 games for Real Madrid before he left for the Turkish club in July 2010.
Guti, who joined Real's youth set-up in 1985 and made his first-team debut a decade later, helped the Spanish team win five La Liga titles and three Champions League trophies.
Besiktas are seventh in the Turkish top-flight, four points behind leaders Fenerbahce after 10 matches.
The club was not available for immediate comment on Guti's departure.