Denilson's agent has told Sky Sports that the midfielder has agreed to leave Arsenal by mutual consent this summer.
Denilson, 25, joined Arsenal from Sao Paulo in 2006 but struggled to make a significant impact at the club during his time in North London.
The Brazilian has twice been loaned back to his former side and it has now emerged that he will part company with the Gunners on July 1.
"I can confirm Denilson and Arsenal have agreed to terminate his contract at the end of this month," his agent, Alexandre Soares, told Sky Sports.
"Denilson is free to move to another club and a number of clubs are interested in him.
"I do not want to name teams, but there is interest from Brazil as well as Russia, Italy, Germany and Turkey and I am talking to them.
"No decision has been made and we will assess all offers that come our way.
"If Denilson does stay in Brazil, Sao Paulo has the priority, but I do not rule out him moving to another Brazilian club as well."
Denilson made 96 Premier League appearances for Arsenal, scoring seven goals.