The forward joined the west London outfit last summer on a free transfer from Porto, having made just two league appearances in two years for the Portuguese giants.
However, the 24-year-old fared little better at Craven Cottage, making just seven league appearances and grabbing just one goal, in a 1-1 home draw with Norwich on December 31 last year.
The Portuguese striker becomes the third forward to leave Fulham this summer, after Martin Jol decided not to renew Andy Johnson’s contract and loanee Pavel Pogrebnyak opted to join newly-promoted Reading over a permanent switch to Craven Cottage.
Although the 24-year-old’s future remains unclear, Sa may be looking to stay in England having previously stated his love for London.
Academy players Richard Barroilhet, Jonathan Cosgrove, Jack Dean, Courtney Harris, Rob Maloney and Oliver Monguel have also failed to earn new deals.