The versatile former Romania international's career has been hampered by a foot injury in recent seasons and he has not featured for the Milan club in the current campaign.
Inter revealed on Monday that Chivu has agreed a deal to end his long, successful spell with the club after recently undergoing another operation and it is feared his playing days may now be over.
A statement on Inter's website said: "After seven seasons, Inter and Cristian Chivu announce the mutual termination of the contract between the Romanian defender and the Nerazzurri
"Seven unforgettable seasons, glittering with success. Victories interspersed with trials, and the will to overcome them together with his team-mates. Inter and Cristian Chivu shared a relationship that went well beyond the pitch and pure professionalism.
"The club wishes to thank Cristian for his great strength, loyalty and the key role he played in his years that will always be remembered as among some of the most glorious in Inter's history.
"FC Internazionale wishes to send a warm thanks to the player, as well as his wonderful family, for all he has done for the club."
Chivu moved to San Siro from Roma in July 2007 and went on to win three Serie A titles, the Coppa Italia twice and the UEFA Champions League with Inter as well as the FIFA Club World Cup.
