The 33-year-old's contract had not been due to expire until the end of the current campaign.
However, the two parties have reached an agreement that will see Scotland leave Portman Road with immediate effect.
"Jason is a fantastic guy and has been great around the training ground but we are going younger and he's been missing out," manager Mick McCarthy told the club's official website.
"He understands that and wants to go out and play football at the twilight of his career. We wish him well."
Scotland joined Ipswich in 2010 from Wigan Athletic.