The 34-year-old Brazilian World Cup winner joined Inter in 2009 and went on to play 136 matches, scoring five goals and winning one Scudetto, two Coppa Italias, one Super Coppa, the Champions League and the Club World Cup.
"Internazionale announces that the documents relative to the cancellation of Lucio's contract by mutual consent have been deposited in the offices of Lega Serie A," a club statement said.
"Everyone at FC Internazionale wishes Lucio and his family a fond farewell."
Yesterday, Turkish club Fenerbahce were moved to post an official statement on their website denying they wanted to sign Lucio.
Prior to moving to Italy, Lucio enjoyed a successful career in Germany, where he played for both Bayer Leverkusen and Bayern Munich.
Lucio scored in the 2002 Champions League final for Leverkusen, although they lost the match to Real Madrid.
With Bayern, he won three Bundesliga titles, three DFB-Pokal crowns and three Supercups.
Lucio has 105 caps for his country, and a 2002 World Cup winners' medal to go with Confederations Cup glory in 2005 and 2009.
adidas has added some color to the Predator line with this new colorway. Released on May 17. Be the first to own a pair.
Chelsea won the Europa League on Wednesday. The Blues defeated Benfica 2-1 on injury time goal from Ivanovic.
The push for more color on their cleats, adidas has added the infrared colorway to the adiZero f50 Line.
The Liverpool 2013/14 soccer jersey is available for pre-order. The Reds are eager to compete for silver next season.
The Juventus jersey for the 2013/14 was released earlier this week. Be the first to wear the colors of the Old Lady.
The adidas Nitrocharge is the most talked about new cleat in years. It was released on May 15 and will take your pitch by storm.
One of the top soccer cleats for control the Nike CTR360 will not let you down on the field in tight spaces.
Borussia Dortmund hears Wembley Calling and are headed to London for the Champions League final.
The new PUMA evoSPEED 1.2 FG. A great new soccer cleat with classic look and first time for PUMA to be on the cleat.
Bayern Munich are kings of Germany and hope to be crowned kings of Europe at Wembley later this month!