Alessio Cerci will terminate his contract with Atletico Madrid by mutual consent, allowing the free agent to talk to Las Palmas, Bologna, Lazio and Olympiacos.
The winger turns 30 next month and his career has been on a downward slide since the €15m transfer from Torino to Madrid in the summer of 2014.
He had a series of loans at Milan and Genoa, while a move to Bologna was all set for January until he failed a medical.
According to Marca, Coach Diego Simeone admits the biggest mistake of his management career was pushing to sign Cerci.
The former Italy international managed just 11 competitive games for Atletico Madrid, scoring one goal and providing one assist.
While Bologna seem the likeliest option, a reunion with his old Toro teammate Ciro Immobile at Lazio is also an alternative.