The Greek midfielder joined the Gunners in 2014, but never got the chance to make a senior appearance for the club.
The 19-year-old will now be hoping to make an impact in the second tier of English football.
“Savvas arrived in north London from Greece in 2014 – after impressing in the Ferroli Cup with his boyhood club Panionios.
“The Greece youth international made five appearances for our under-23s last season, and was a regular for Kwame Ampadu's under-18s during his time with the club.
“We'd like to thank Savvas for his contribution and to wish him well for the future."