After 18 months with the club, the Greek team has opted to end ties with the former Real Madrid player.
The 31-year-old just recently made a free move to the Greek team eight months ago.
James, who played for Everton in the Premier League two years ago, relocated to Saudi Arabia before leaving the team last year.
For Olympiacos, Rodriguez made 23 appearances, making five goals and providing six assists.
Despite being out since February due to an injury, the former Real Madrid midfielder may soon return to action.
Galatasaray and Besiktas, two Turkish powerhouses, have reportedly already contacted him, according to AS.
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