"The club, the player and his agent have come to an agreement for an early departure. We are satisfied with the financial terms of his transfer," a Brive club official told Rugbyrama.
Flutey has been plagued by injury since moving across the Channel and has featured in just five games for the Top14 side.
Confirmation of his exit comes shortly after the news that the 30-year-old will not play again this summer following the need for further medical investigation into a troublesome shoulder.
Flutey had a shoulder operation shortly after starring for the Lions in the final-Test win over South Africa but has failed to maintain full fitness.
Although no official news has been announced, Flutey is thought to be set to sign for his previous side London Wasps.
Flutey played for the English giants between 2007 and 2009 before leaving for France following the Lions tour.
Flutey had also been linked with a transfer to Irish side Munster but it now appears likely that he will be back at Adams Park next season.