The news was confirmed by the club's spokesperson Shooz Mekuto, who further revealed that Isaacs had not been training with the first team since Muhsin Ertugral's appointment as head coach in December 2017.
According to Mekuto, Isaacs was never in Ertugral's plans and it is for this reason that he was allowed to train with the club's MultiChoice Diski Challenge team when the team returned from the Christmas break.
"Yes, it is true that we've parted ways with Isaacs," Mekuto told Goal.
"He had not been training with the first team since Muhsin Ertugral took over in December. He was playing for our MDC team since then," he said.
"No, he was never part of the coach's plans. He was training with the MDC team since the coach arrived," concluded Mekuto.
The 31-year-old was one of Ajax's regulars at the start of the current campaign, but he lost his place in the starting line-up around September 2017.
He was used mostly as a substitute until mid-December, a few days before the sacking of Stanley Menzo as head coach.
Prior to Ertugral's arrival, Isaacs had made eight appearances for the Urban Warriors without finding the back of the net.
The former Santos marksman finds himself out in the cold, and chances are that he may only be able to sign with a club of his choice ahead of the 2017/18 PSL campaign as his contract with Ajax was terminated outside the transfer window.
Unconfirmed reports suggest that Ajax decided to terminate Isaacs' contract following an internal disciplinary hearing on allegations of theft.