The Villarreal winger spent part of the season on-loan at Goodison Park.
Everton will not be seeking a permanent deal and Danjuma posted to social media yesterday: To the incredible Everton fans, thank you for the unforgettable memories and unwavering support.
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It's been an honour to wear the blue jersey. Forever in my heart, Arnaut Danjuma."
Danjuma made 20 appearances for Everton this past season.