Spanish forward Michu has left Swansea City by mutual consent, the Premier League club announced on Monday.

The 29-year-old was an instant hit after signing from Rayo Vallecano for £2 million ($3 million, 2.8 million euros) in July 2012, top-scoring with 22 goals in his first season as Swansea won the League Cup.

But an ankle injury restricted him to only 24 appearances the following campaign and he spent last season on loan at Napoli, where he played only five times.

"Both parties have reached a financial agreement over the remainder of the 29-year-old's contract, which ran until the end of this season," Swansea said in a statement on their website.

"The agreement will allow Michu to become a free agent and assist him to find a new club straight away in order to kick-start his playing career again in January."

Michu, capped once by Spain in a World Cup qualifier against Belarus in October 2013, had not played for Swansea since April 2014. He is now expected to return to Spain.