The 31-year-old Togo international had not featured for Spurs this season and was left out of both their Premier League and Europa League squads.
"We wish Emmanuel well for the future," a Tottenham statement said.
Adebayor, who arrived from Manchester City for £5m in 2012, had a year to run on his contract and had been seeking a £5m pay-off to end it early.
Tottenham have not disclosed the terms of the termination agreement.
Speaking earlier this week, Tottenham head coach Mauricio Pochettino said Adebayor was not "in my mind or in the plans for the future of Spurs".
West Ham had been keen to sign the former Arsenal and Real Madrid player during the summer transfer window but were put off by his high wage demands, as were Aston Villa, who enquired about a loan deal.
Adebayor spent a successful season on loan at Spurs from Manchester City in 2011-12, scoring 17 goals.
He managed 18 league goals in 47 league appearances after signing a permanent deal but featured just 17 times last season, having been granted two periods of compassionate leave for personal reasons.
Adebayor's opportunities were further limited after Spurs signed South Korea striker Son Heung-min for £22m in August
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