Neymar had around seven months remaining on his contract, having joined Al-Hilal on a two-year deal with a reported wage of 150m euros (£129.2m) a year.
He joined claiming he wanted to “write new sporting history” but had a prolonged spell on the sidelines after rupturing his anterior cruciate ligament during Brazil’s World Cup qualifier against Uruguay in October 2023.
He returned in October last year and although he played down an apparent hamstring issue in his second match back, he has not featured since.
Neymar came through the youth system at Santos, where he scored 136 goals in 225 games, before a high-profile move to Barcelona in 2013.
He made 186 appearances across four seasons in Spain, winning two La Liga titles, the Champions League and the Club World Cup before his world-record move to PSG as a 25-year-old.
In Paris he won five league titles prior to his move to Saudi Arabia.
Shortly after the move he overtook Pele to become Brazil’s all-time leading male goalscorer with 78 goals, but has not played for his country since his initial knee injury in 2023.