The 34-year-old Algerian rejoined the club last summer as a free agent after leaving Caykur Rizespor nearly a decade after his exit in 2017 to AS Monaco.
Ghezzal was brought into Paulo Fonseca’s squad to add experience and potentially prepare for a future coaching pathway within the club’s structure.
However, he was largely used in a supporting role, making 12 appearances across all competitions.
“Season filled with incredible and difficult moments. Even though I would have liked to have contributed more on the pitch, I am very proud to have had the opportunity to wear this shirt,” Ghezzal wrote on Instagram.
“Thank you to all of you – players, staff, management – but above all to you, the fans, for your support throughout the season. The best is yet to come.”