The 39-year-old Brazilian, who lifted the World Cup in 2002, made the announcement on his Twitter page.
“I would like to inform everyone that as of Saturday, which will be my last training session, I will not longer be part of the SPFC squad,” Rivaldo wrote.
“In the afternoon [Thursday], the board of SPFC officially told me that I would not continue at the club next year.”
It had been thought that the veteran left-footed forward might retire after the conclusion of this year’s Brazilian championship, but he insists that he still has another season left in him.
"It's not my farewell to football,” he said of his departure from Sao Paulo. “My purpose is to finish my career at the end of 2012.”
The Paulista-born striker will not take part in the Brazilian side's final game of the season after being sent off against Palmeiras in what has turned out to be his last match in the Sao Paulo shirt.
Rivaldo’s revelation came on the same day that the club confirmed that Emerson Leao had agreed a new one-year contract with the club which will run until December 2012.
The 39-year-old has played for a number of top clubs during his career, notably including Barcelona, scoring 86 goals in 157 appearances for the Catalan giants during a glorious five-year spell at Camp Nou.
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