Olympiacos have terminated Emenike’s contract which was to run till 2019 after his arrival from Fenerbahce last season.
The 31-year-old former Nigeria striker joined Las Palmas from Olympiacos in January with high hopes, but it all ended with him not playing an official game for the Spanish club due to injury.
Emenike also angered Olympiacos and their fans when he alleged he has received death threats in Greece.
Emenike, who started all four of the Super Eagles matches at the 2014 World Cup in Brazil, quit international football in October 2015.
His move to Spain meant the much-traveled and vastly-experienced Emenike had joined his seventh professional club in seven years after stints in Russia, Turkey, United Arab Emirates, England and Greece.
Emenike came to limelight at Turkish club Karabukspor, where he scored 30 goals in 52 appearances, before joining Fenerbahce in 2011.