After two successful seasons together, the LA Galaxy and goalkeeper Jaime Penedo agreed to mutually terminate the Panamanian's contract.
According to the LA Galaxy Insider, Adam Serrano, the Galaxy and Penedo will part ways, with the 33-year-old placed on waivers Wednesday.
Penedo signed with the Galaxy in August 2013, and was instrumental in helping LA win the 2014 MLS Cup. He made 61 appearances for the club in MLS competitions, recording a 29-14-17 record with 177 saves and 21 shutouts for the Galaxy.
This season, Penedo has a 6-4-6 record with the Galaxy while notching 50 saves and five shutouts.
Penedo boasts more than 100 caps for his country and has twice been named Goalkeeper of the Tournament at the Gold Cup (2005, 2013).