The former Gamba Osaka star and Japanese international joined the Italian club after the 2006 World Cup from French club Grenoble.
The 28 year-old has failed to impress in Italy.
Poor form as well as injuries have limited his appearances and he has failed to score a single goal in two seasons.
"I believe his stay at Torino is over," Torino club president Urbano Cairo said.
"Unfortunately, there was not much room for him at our club," Cairo explained.
Oguro is expected to return to Japan.