Al-Hilal Saudi Club announced the mutual termination of its contract with Ali Al-Bulaihi.
The club clarified that Prince Al-Waleed bin Talal covered the cost of the financial settlement.
Al-Hilal stated on its website: "The board of directors of Al-Hilal Club Company, chaired by Prince Nawaf bin Saad, appreciates Prince Al-Waleed bin Talal's coverage of the contractual settlement with Al-Bulaihi, which led the club company to mutually terminate the contractual relationship with the player."
It added: "The board of directors extends its sincere thanks and appreciation to His Highness for his support of Al-Hilal and his historic initiatives that reflect his constant concern for supporting the club and enhancing its journey, contributing to achieving its objectives and maintaining its competitive presence on various fronts."
Al-Hilal had also previously announced the mutual termination of its contract with the French player Karim Benzema.
Following the termination of his contract with Al-Hilal, Al-Bulaihi is free to transfer to any team as a free agent.
It is worth noting that Al-Bulaihi's contract with Al-Hilal, aged 36, was set to expire next summer.
Al-Hilal manager Simone Inzaghi had previously excluded defender Ali Al-Bulaihi from the pre-season preparation for the new season.
Over eight and a half seasons, Al-Bulaihi played 263 matches for Al-Hilal, scoring 23 goals and providing three assists, before being loaned to Al-Shabab last January.
Al-Bulaihi contributed to winning five league titles, three King's Cup titles, and three Saudi Super Cup titles, in addition to two AFC Champions League titles with Al-Hilal.
