The Spanish side reached an "amicable" agreement with the 33-year-old defender who moved to Valencia in 2010, it said in a statement.

Costa made his name in a seven season spell at FC Porto where he won the Champions League in 2004. He moved to Wolfsburg in Germany in 2007 and following five months with Lille in early 2010 signed for Valencia.

Monday's accord allows Costa, reportedly the highest paid member of the Valencia squad and its captain last season, to find a new side with a free transfer.

"These have been years of great happiness where I felt the support of the fans through the good and bad times," Costa said on the club website.

Meanwhile, Serbian goalkeeper Branimir Aleksic has moved from Spartak Subotica to Greek Super League side Kalloni. Aleksic, 23, played once for the Serbian national team in 2012.

Croatian international defender Gordon Schildenfeld, 29, will remain at Greek side Panathinaikos this season on loan from Dynamo Moscow where he arrived last year, the Greek side said. Schildenfeld has 21 caps for Croatia.

Greece international midfielder Kostas Fortounis, 21, has moved to Olympiakos from Gereman side Kaiserslautern, the Greek champions announced.

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