The Mali international, who moved from the Parc des Princes from Juventus in July 2011, agreed a deal with the club to cancel his contract, having failed to secure a new club during the transfer window.
Sissoko struggled for appearances during his time in Paris, making just 28 appearances for the club in the league, with the 28-year-old spending time on loan at Fiorentina last term
Premier League pair Cardiff City and Everton had been linked with moves for the midfielder, but nothing materialised.
A statement on PSG's website read: "Paris Saint-Germain and Mohamed Sissoko have mutually agreed process of resolving the contract, allowing the player to register a new contract with a European club."
Sissoko started his career at Auxerre, having come through the youth system at the club, before moving to Valencia.
He then spent three years at both Liverpool and Juventus before signing for PSG.
