The 32-year-old moved to Athens last summer on a two-year deal from Malaga and he performed well with 14 goals to his name.
But now with a year left on his current deal, he has come to an agreement with the club to part ways.
The former Barcelona, Real Madrid and Benfica star is now harbouring ambitions of finally getting to play in the Premier League.
Saviola has been close to signing for a British club a number of times, but he could finally be heading to the Premier League.
Swansea and Queens Park Rangers are amongst the clubs understood to be taking a keen interest in the South American ace.
The player's agent Christian Otero confirmed: "We have come to agreement over Javier's contract and he is now a free agent and available to talk to other clubs.
"He has always wanted to play in Britain and that ambition remains, and we are fielding a number of enquiries from the UK."