The 31-year-old joined City in August after an injury-plagued spell at Manchester United but he made just four appearances, scoring one goal in the League Cup win over Birmingham City.
After being released by United the former Bayern Munich player posted a training video of himself on the Internet in the hope of generating interest.
City offered Hargreaves the chance to resurrect his career but he failed to reproduce the form which earned him 42 caps and made him one of England's best players at the 2006 World Cup in Germany.
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