The 31-year-old leaves the club having failed to score in 33 appearances.
The Sweden international signed for West Brom on a free transfer in August 2012.
"Markus Rosenberg has had his Albion contract cancelled by mutual consent and is now a free agent," the club stated on their official website.
Rosenberg wrote on Twitter: "Thanks to all staff and players at West Brom. And also a big thanks to all Baggies supporters."
COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? email@example.com