La Liga outfit Real Betis announced on Thursday they have reached an agreement with Rayo Vallecano to terminate Roman Zozulya's loan spell.
The struggling Segunda Division side had earlier this month postponed a decision regarding the Ukraine international, who returned to Betis to train because of Rayo fans' protests against his signing.
The Rayo supporters falsely accused the 27-year-old of having links to radical groups back home, which the player denied. He returned to Seville with Rayo's permission.
A statement from Betis said: "Real Betis, Rayo Vallecano and Zozulya have reached an agreement for the Ukrainian player to rescind the temporary contract with the Madrid outfit.
"Zozulya will train with Real Betis while other alternative existing options are studied so that he can join another team."
Rules state that players cannot register for more than two teams in one campaign but Zozulya, who signed a three-year contract with Betis after arriving from Dnipro last summer, has been granted special dispensation by FIFA to be allowed to join a third club.
Rayo are in the relegation zone, 19th in the 22-team Segunda Division standings.