The 33-year-old has spent the past four seasons with Championship City but was sent out on loan to Ipswich last autumn.
And the remainder of his deal has been scrapped by mutual consent, leaving him with a record of six goals in 149 appearances.
A statement on the club website read: "Leicester City would like to wish Richie well in his future career."
Via: Transfer news: Richie Wellens' Leicester contract cancelled by mutual consent
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