The 30-year-old arrived at The Hawthorns as a free agent in August 2014 after spending five-and-a-half years with Celtic.
But when Albion boss Alan Irvine was replaced by Tony Pulis, the former Manchester City forward was loaned to Saudi club Al-Hilal.
Samaras recently returned to England for pre-season training but he does not figure in Pulis’ plans, and is now free to find another club.
A statement from West Brom read: “Albion today announce the departure of Georgios Samaras.
“The 30-year-old has had his contracted terminated by mutual consent. Samaras penned a two-year deal last summer after signing on a free transfer.”