The 30-year-old joined on a two-year deal last summer from Benfica, but made just one first-team appearance as Michel Vorm and Gerhard Tremmel proved to be Brendan Rodgers' preferred goalkeeping options.
"This is the best decision for both the club and myself," said Moreira.
"I need to play football and hopefully, after a holiday with my family, I will sort my future with a new club.
"It was very difficult to play in the first team because Michel has done so well this season, and he deserves to be the number one.
"I saw every day in training how good he is, and hopefully I helped provide good competition for him."
Source: PA
Source: PA