The 29-year-old Chilean defender has been used sparingly during his brief tenure with Toronto FC.
The 29-year-old was acquired by TFC ahead of the 2012 season, and featured regularly in early parts of the campaign, including Toronto's CONCACAF Champions League knockout games against Los Angeles Galaxy and Santos Laguna.
It was against Santos Laguna that Aceval scored his only goal for the Reds. During his five league appearances, the Chilean contributed two assists.
Aceval had fallen out of favour under former Toronto head coach Aron Winter, and hardly made the gameday roster after current bench boss Paul Mariner took over last month. Along with Nick Soolsma - who has also left the club - and Luis Silva, the left-footer was one of the three players arrested for public intoxication in Houston on June 18, and he did not make a single appearance for TFC after that incident.