The Brazilian's deal was not due to expire until 2014 but he has agreed an early release with the Nerazzurri, which is looking to revamp their squad this summer
The former Brazil international still had two years to run on his existing deal with the Nerazzurri but the veteran center back has been deemed surplus to requirements at San Siro and his departure had been considered little more than a formality.
"F.C. Internazionale announce that the documents relating to the mutually-agreed termination of Lucio's contract have been filed in the offices of Lega Serie A," a statement on the club's official website read.
"The Brazilian defender, who was bound to the club until June 30, 2014, played 136 official games in the Nerazzurri shirt, scoring five goals and winning a Scudetto, two Coppa Italia titles, a Supercoppa, one UEFA Champions League and a Club World Cup.
"To Lucio and his family, the most affectionate farewell from all at F.C. Internazionale."
The 34-year-old, who was capped 105 times by his country, joined Inter from Bayern Munich in 2009 and played a key role in the following season's treble triumph.