Danilo left Juventus on Monday after both the Brazil defender and the Serie A club announced that his contract had been terminated with mutual consent.
"Danilo Luiz da Silva and Juventus have parted ways after five and a half years together, following a mutual termination of the player's contract," said Juve in a statement.
The 33-year-old leaves Juve with one Serie A title, two Italian Cups and one Italian Super Cup to his name from 213 appearances with the Turin giants.
Italian media report that Danilo, whose contract had been due to expire at the end of the season, will return home on a two-year deal with Flamengo.
"I knew this day would come sooner or later, but you're never ready to say goodbye," said Danilo in a message on Instagram.
He leaves after falling out of favour following the arrival of Thiago Motta as coach in the summer and losing his captaincy to Italy midfielder Manuel Locatelli.
Portugal defender Renato Veiga landed in Turin on Monday for his medical ahead of completing his loan move from Chelsea, with Danilo's fellow Brazil defender Gleison Bremer out for the season with knee injury.
Juventus are fifth in Serie A, two points away from the Champions League positions and face Benfica in Europe's elite club competition on Wednesday.