David Carabott has parted company with Msida St Joseph barely four months after joining the Premier League club on a free release.
Carabott's one-year contract has been terminated by mutual agreement, Kevin Deguara, the Msida SJ president, said.
"Following discussions with David Carabott, it has been mutually agreed to rescind his contract with immediate effect," Dr Deguara said.
No reasons have been given for Carabott's sudden departure from Msida where he had established himself as a first-team regular.
It was only after his omission from the starting line-up in their 1-0 defeat to Valletta last week that doubts about Carabott's future with the club first emerged.
Now that Carabott, 37, has obtained his release from Msida, he is expected to sign for a new club in the January transfer window. Champions Sliema Wanderers look favourites to land his signature.
Hugh Caruana, the Sliema assistant coach who also conducts transfer negotiations on behalf of the club, confirmed their willingness to sign the former Malta captain.
"We are interested in David Carabott," Caruana said.
"A player of that experience would boost our chances of winning a fourth Premier League title in succession."
Carabott's exit from Msida comes amid mounting speculation that the Reds, fifth in the Premier League on 16 points, are planning to revamp their squad in January.
Dr Deguara said Msida are considering various options and have had talks with Birkirkara over a possible exchange of players.
Birkirkara are keen to acquire Msida goalkeeper Omar Borg and Ibrahim Babatunde, the Nigerian striker.
The Msida SJ president suggested that his club are prepared to transfer Borg and Babatunde to Birkirkara, the latter on loan till the end of the season. The proposed money-plus-players exchange deal would see Jean Pierre Mifsud Triganza (loan), Emil Yantchev and keeper Bernard Paris moving the opposite direction.
Msida are also seeking agreement with Birkirkara to make Clint Micallef's move permanent.
It is believed that Sliema are also contemplating a move for Baba-tunde.
While stressing that this rather complex deal would require the approval of all parties concerned to go through, Dr Deguara said that Msida have already established contacts with two foreign players.
Oussini Zongo, a striker from Burkina Faso who until recently was on the books of Anderlecht in Belgium, and a Brazilian forward, who is managed by former Brazil great Careca, are likely to be invited to join Msida for a trial in January in the event that Baba-tunde moves to Birkirkara.