Dundalk have sold Stefan Colovic to FK Cukaricki in his native Serbia.
The creative midfielder was understood to be the highest paid player in the League of Ireland.
But he struggled to make a lasting impression after arriving at Oriel Park last February.
Colovic was signed by former Dundalk boss Vinny Perth but did not feature as often under Filippo Giovagnoli.
Having joined from Proleter Novi Sad, he made 25 appearances for the Lilywhites scoring one goal.
Dundalk have recouped an undisclosed fee on the Colovic transfer.
And in a statement, the FAI Cup winners said: Everyone at Dundalk FC would like to thank Stefan for his efforts last season and we wish him all the best in the future."
