The agreement reportedly includes a €940,000 settlement, covering €240,000 in unpaid wages from last season and €700,000 compensation for the remaining contract period.
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The payment will be made in instalments over six months. Onyekuru was expected to earn €1.6 million in the upcoming season before the termination.
The 29-year-old Nigerian joined Genclerbirligi Gençlerbirliği on a free transfer last summer after leaving Saudi Arabian club Al-Fayha.
During his time with the Red and Blacks, the winger featured in 17 league matches before his departure was confirmed.