Ljubo Milicevic has been granted a release from his Newcastle Jets contract to pursue a return to Europe.

The 29-year old defender is keen to go back to football's capital and is now free to go after a contract with a European club after the Jets allowed him to walk away from his deal with the A-League club.

Milicevic enjoyed a successful spell in Switzerland with Swiss Super League clubs FC Zurich, Basel, Thun and Young Boys of Berne between 2002 and 2007 and is hoping he can again experience the heights of football in Europe.

"It's what I wanted, so I'm happy that I'm leaving and that I'll be going to Europe very soon and that it's all worked out for the best," Milicevic told AAP.

"It's exciting, I think every beginning always is.

"I'll always appreciate the memories of my time in Newcastle but I'm elated that I'm starting on a new journey.

"There's going to be fresh challenges and different cultures, new people that I'll meet and the football and everything else will be completely different again.

"That excites me.

"I'm one of those people who can't stay in the one place for too long because I need a challenge, I need to keep being exposed to new things.

"My two years in Newcastle has been great but my time has definitely come to move on."