The statement read: “We want to bid farewell and thank Fabiano Ribeiro, Michal Kadlec, Lazar Markovic ve Abdoulaye Ba whose contracts have not been renewed for the 2016-17 season and will be sending an individual letter to each player.”
Markovic joined Fenerbahce on-loan last summer amid high expectations and despite getting off to an impressive start working his way into the first team he had a nightmarish season with injuries.
The Serbian international suffered four injuries and only recently returned to football after 140 days on the sidelines before picking up a hamstring strain during training for his national team.
Markovic will miss Euro 2016 as a result of his latest injury and a return date has not yet been set.
Reds boss Jurgen Klopp has given Markovic the chance to prove himself over the pre-season but it remains to be seen if the young winger will be available for training over the summer.