The Israeli defender is the latest player to exit the south coast club as they attempt to complete a squad clear-out in order to move out of administration
The 30-year-old is the latest highly-paid star to leave the south coast club as they attempt to slash outgoings in order to secure their future.
The Israel international had reportedly collected wages of £36,000 per week from Pompey after signing a contract containing no relegation clauses.
"I am pleased to announce that we have reached a compromise agreement with Tal Ben Haim, who will now leave the club," administrator Trevor Birch told BBC Sport.
A wage dispute with Nigerian forward Nwankwo Kanu could yet provide a potential stumbling block, though Pompey remain confident that this will be settled by an Football Association tribunal.
Meanwhile, midfielder Liam Lawrence could become the final senior player to leave the club with Cardiff City reportedly interested.
"We expect to make an announcement on Liam Lawrence's future later today [Thursday] and, whilst the situation with Kanu has not yet been resolved, we are cautiously optimistic about our prospects," added Birch.
Balram Chainrai's takeover of the club is expected to proceed upon Lawrence's departure, after a Company Voluntary Agreement worth two pence in every pound was agreed with administrators.
However, the Pompey Supporters Trust are still hopeful of completing a deal to take control with the help of Portsmouth City Council.
"The progress that we have made over the past 24 hours means that there is now a much better prospect of meeting the conditions of the CVA, completing the sale of the club and avoiding liquidation," Birch continued.
"As a result, we will now push on with our negotiations with Portpin [Chainrai's company], with a view to finalising a deal in the next few days.
"There is still more to do, and the club's future is not yet guaranteed. But we're in a stronger position and will now take some additional time to try to conclude matters."