Toni Leistner is leaving QPR after reaching a financial settlement over the final year of his contract.
West London Sport recently revealed that Rangers were looking to agree a pay-off with the defender.
The two parties have now come to an agreement and Leistner, 29, will move on as a free agent.
Leistner this month returned from his native Germany after Cologne opted not to take up an option to sign him on a permanent deal.
He joined the Bundesliga outfit on loan in January.
German and English clubs have been made aware of his availability but so far no offers have come in for him, prompting QPR to seek to terminate the remainder of his contract.
Manager Mark Warburton told the player he wanted to bring in a new, younger centre-back and that Leistner could leave.
How Leistner’s QPR career unravelled
Leistner has made 65 Championship appearances since arriving from Union Berlin two years ago.
He was made captain and was a mainstay of the defence under Warburton’s predecessor Steve McClaren.
West London Sport revealed soon after Warburton took over that Leistner was out of favour under the new boss and that QPR were looking to offload him along with Massimo Luongo.
Sheffield Wednesday came in for Luongo but there were no takers for Leistner, who was stripped of the captaincy but ended up regaining his place in the team.
But he was shipped out to Cologne after the transfer window reopened and Warburton has made it clear there is no way back for him.
Warburton is keen to bring in at least one centre-back before the new season begins.