The 2002 World Cup winner failed to score or assist in 467 minutes of football with the Rio based club.
Fluminense announced on its website that the contract was being terminated “amicably and with the mutual agreement of both parties” - less than three months into his contract with the Brazilian Serie A club.
“Fluminense thanks Ronaldinho and wishes him the best of luck with his future.”
It is unclear what Ronaldinho plans to do next; Fluminense was his fourth club since leaving Europe in 2011.
On his official twitter account the 35 year-old wrote; “Thanks to all the guys at Fluminense. It’s with much respect and appreciation that I farewell this great club.”
Fluminense football director Marcio Bittencourt refused to be drawn on Ronaldinho's potential retirement after the star's release from the club.
"I'll never speak about this," Bittencourt told a news conference."That's not something you say about a player of his calibre. He was always spectacular, as player and person.
"I can't tell nobody what to do with their lives."
Bittencourt said Ronaldinho had requested a meeting telling the club he was unable to perform to his ability – leading to the veteran's release.
He believes the 97-time Brazil international was committed and said Fluminense had hoped Ronaldinho would bounce back to form in his homeland.
"I don't feel he lacked commitment and dedication, he's a worldwide known player. He had a great gesture saying he wasn't being the player he could be right now," Bittencourt said.
"We are somewhat frustrated, when he arrived we expected he could do for us what he did in so many other clubs. That's what you think when you sign a player.
"He didn't do well in Mexico, but we took our chances by bringing him back to Rio thinking he would do well again."
