Otorogu, who joined Pirates a year ago, was originally contracted until the end of next season. However, he has failed to impress up front - prompting his exit.
Bucs administrator Floyd Mbele wished Otorogu well for the future.
"Obviously, it wasn't easy to part ways with a player of Otorogu's ability. The boy worked hard trying to fit in the technical team' system and vision, but unfortunately, things didn't go well," he told the club's official website.
"As management, we acted on the technical team's report and luckily enough discussions with the player and his manager for termination of his contract went well. We parted ways amicably, we wish him well in his future endeavours," concluded Mbele.