"Due to the complicated situation that our country is going through, Antonio Valencia and Liga de Quito have been forced to make some difficult decisions, which is why they have reached a mutual agreement to end their contractual relationship," the parties said in a statement.
The situation of Liga and Ecuadorian clubs has become complicated after the suspension of the Ecuadorian championship on March 14 and the lack of an official date to resume activities.
"It is an honor for Liga to have had Antonio's contribution both in sports and personally," the text adds.
Valencia, who will turn 35 on August 4, joined Liga de Quito in July of last year after playing for ten years at English club Manchester United.
Under the technical direction of Uruguayan Pablo Repetto, Valencia and Liga won the Copa Ecuador last December and the Supercopa Ecuador in January.
The team lost the final of the First Division against Delfin.
"Antonio Valencia thanks all the support, backing, and love received from the directors, teammates, officials, and all the great Liga fans, leaving the doors open to continue pursuing great joint objectives in the near future," the statement adds.