The striker, 28, joined the Shots 12 months ago and made 20 appearances, scoring eight times, over the second half of last season.
However, Madjo made just three substitute outings at the start of this term before joining Plymouth Argyle on a three-month loan deal which recently came to an end.
Aldershot boss Dean Holdsworth said: "I am unable to guarantee Guy a regular spot and he understands that but he wants to play.
"I want to clarify that he has been professional throughout but he wants to move on and we have agreed to this. We have shaken hands and I wish him all the best for the future. This will also allow us to free some money in the transfer window."
Meanwhile, Aldershot have confirmed that defender Michael Hector has extended his loan stay from Reading until the end of January, while the League Two club are also in talks with Stevenage regarding a prolonged stay for striker Dani Lopez.
Michael Rankine will this week return from his loan stint at Blue Square Bet Premier leaders Grimsby.