The 39-year-old has been with the Argentinian giants for the past three season, scoring 28 goals in his 81 games across his spell.
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Cavani follows former Man United teammate Ander Herrera out of the club as Boca undergo a massive squad overhaul.
According to Ole, a frustrating battle with a persistent back injury was the ultimate decider in both parties agreeing to part ways without compensation.
Despite his exit, representatives close to the player have ruled out retirement, saying: "He feels good and he is looking forward to it. With this cancellation it is not that he is retiring."
