The 24-year-old Hungarian, who has been capped three times by his country, made just a handful of appearances for the Foxes during his two-year stint at the club and spent most of last season on loan at Diosgyori VTK, having previously been loaned to Blackpool.
It has been decided by both parties that he is surplus to requirements at the King Power Stadium and he becomes a free agent with immediate effect.
Futacs is thankful to Leicester for everything they did for him but is now looking forward to his next challenge and is set to join Turkish club Mersin Idmanyurdu.
"I felt this kind of belief only at Portsmouth before I signed to Diosgyor,” he said in a press release by his agent Vladan Filipovic.
"In my time at Leicester I hardly played and a striker can only be successful if the staff has faith in him.
"I got a new push at Diosgyor, I got into a great company and fortunately I was also successful in scoring goals.
"As everyone knows for a striker all that counts is his number of goals. I got into the national squad and a number of clubs showed interest.
"The Turkish team wanted a powerful striker like me.”