The winger moved to Blackpool after being released by Crystal Palace, but is now again a free agent.
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Ebiowei lasted only four games with the Seasiders before manager Steve Bruce and club chiefs chose to terminate the player's deal.
The 22 year-old signed a two-year contract at Bloomfield Road, with the club holding the option of an extra year.
Blackpool said: "Blackpool Football Club can announce that Malcolm Ebiowei has left the club by mutual consent.
"The club wishes Malcolm all the best for the future."