The 32-year-old had taken legal action against the club last week, due to a disagreement over unpaid wages.
Parma have now confirmed that they have mutually decided to end the striker's contract, which was set to expire next summer.
Cassano's last appearance for the Gialloblu came in their 2-1 defeat against Cesena at the weekend.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| 1 | Parma | 34 | 20 | 10 | 4 | 59 | 32 | 27 | 70 |
| 2 | Como | 34 | 20 | 7 | 7 | 54 | 37 | 17 | 67 |
| 3 | VeneziaVenezia | 34 | 19 | 7 | 8 | 62 | 39 | 23 | 64 |
| 4 | Cremonese | 34 | 17 | 9 | 8 | 43 | 28 | 15 | 60 |
| 5 | CatanzaroCatanzaro | 34 | 16 | 8 | 10 | 53 | 42 | 11 | 56 |
| 6 | Palermo | 34 | 14 | 10 | 10 | 58 | 48 | 10 | 52 |
| 7 | Brescia | 34 | 11 | 13 | 10 | 38 | 35 | 3 | 46 |
| 8 | Sampdoria | 34 | 13 | 8 | 13 | 47 | 48 | -1 | 45 |
| 9 | Pisa | 34 | 11 | 11 | 12 | 45 | 46 | -1 | 44 |
| 10 | Cittadella | 34 | 11 | 11 | 12 | 37 | 40 | -3 | 44 |
| 11 | SudtirolSudtirol | 34 | 11 | 10 | 13 | 40 | 41 | -1 | 43 |
| 12 | Modena | 34 | 8 | 16 | 10 | 37 | 44 | -7 | 40 |
| 13 | Reggiana | 34 | 8 | 16 | 10 | 34 | 42 | -8 | 40 |
| 14 | Cosenza CalcioCosenza | 34 | 9 | 12 | 13 | 39 | 38 | 1 | 39 |
| 15 | Ternana | 34 | 9 | 10 | 15 | 38 | 45 | -7 | 37 |
| 16 | BariBari | 34 | 7 | 15 | 12 | 33 | 43 | -10 | 36 |
| 17 | SpeziaSpezia | 34 | 7 | 15 | 12 | 31 | 46 | -15 | 36 |
| 18 | AscoliAscoli | 34 | 7 | 13 | 14 | 33 | 38 | -5 | 34 |
| 19 | FeralpiSaloFeralpiSalo | 34 | 8 | 7 | 19 | 40 | 59 | -19 | 31 |
| 20 | Lecco | 34 | 6 | 8 | 20 | 32 | 62 | -30 | 26 |
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