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As reported by Athens on Wednesday, the club terminated the contract with the goalkeeper by mutual agreement.
The former Real Madrid goalkeeper from Brazil moved from Istanbul's Galatasaray club in Turkey to Athens this summer. Despite playing 14 out of 16 Greek league matches and five UEFA Champions League games, where he scored one goal, his performance did not satisfy the Panathinaikos management.
The 32-year-old F. Conceicao was recently heavily criticized by both fans and the media for the decline in Panathinaikos's form. The capital city club currently holds third place in the national championship and is 12 points behind Olympiacos from Piraeus.
The Brazilian, who joined Panathinaikos in July 2005, signed a three-year contract and became the highest-paid player in the capital city club.
