Following discussions with Rovers manager Gary Bowyer, it has been mutually agreed that Nuno’s footballing future now lies away from Ewood Park.
The Portugal legend, who scored 29 goals in 79 games for his country, joined Rovers from Braga last summer on a two-year deal.
After an impressive start to his Rovers career, which saw Nuno net in four successive league games, the 36-year-old found first-team opportunities limited following a change of manager in late September.
New boss Bowyer, who continues to shape his squad ahead of the 2013-14 Championship season, said: “Nuno is a model professional, who has been a fantastic influence on the younger players at the club and has been a pleasure to work with.
“I fully understand that at this stage in his career he wants to play regular football, but unfortunately I can’t give him those guarantees.
“I spoke to Nuno about the situation and we have agreed to terminate his contract so that he is free to source other options in order to prolong what has been a long and distinguished playing career.
“I thank him for his dedicated service and wish him all the best in the future.”
Nuno said: “Playing for this historic club has been an absolute pleasure. Despite only being here for a year, I have enjoyed my time here immensely.
“I want to say a big thank you to Gary, the staff, the players and, most importantly, the fans for making me feel so welcome.
“I will look out for Blackburn’s results and I hope they can achieve their goal of getting back into the Premier League.”