Recoba parts company with Panionios
"Alvaro Recoba visited the offices of Panionios today and in a friendly climate agreed with the administration to terminate his contract," the club said.
"Panionios would like to thank the player for his presence at our club which is honoured to have been able to associate itself with such a historic player. We wish him well in his future career and he will always be a friend of the club."
The former Inter Milan player joined Panionios in 2008 but injuries have interrupted the 33-year-old's form this season.