Injuries have limited the 33-year-old to just 10 matches since he arrived at the Rio de Janeiro outfit on a two-year deal from Shandong Luneng.
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The latest setback came when he tore a calf muscle in Botafogo’s 2-0 defeat to Avai on Monday.
“We have reached an amicable agreement with Walter Montillo to rescind his contract,” Botafogo said in an statement.
“Botafogo is grateful for his professionalism and dedication during his time at the club.”