The 27-year-old, who joined the Swans from West Brom in January 2010, has had the final 10 months of his contract cancelled in order to seek first-team football.
The former Aston Villa striker has found his opportunities limited at the Liberty Stadium with the signings of first Michu and then Wilfried Bony.
Moore, who has been linked with a move to Turkish club Elazygspor, will be best remembered by Swansea fans for scoring the winner when the south Wales club beat Manchester City on home turf during their maiden Premier League campaign.
A statement on the Swansea website read: "Swansea City has parted company with striker Luke Moore by mutual consent.
"Moore, who joined the club from West Brom in January 2010 for an undisclosed fee, had the remaining 10 months of his contract cancelled in order for the 27-year-old to become a free agent."