The 36-year-old scored 29 goals in 53 appearances for Manchester United but has played only seven times since damaging cruciate ligaments in April.
The former Sweden striker’s contract was due to expire in the summer.
He is yet to announce his plans but there has been intense speculation recently that he will join Major League Soccer outfit LA Galaxy.
It has been suggested he could come out of international retirement for this summer’s World Cup.
“Everyone at the club would like to thank Zlatan for his contribution to the team since his arrival and wishes him well for the future,” United said in a statement.