The winger Bolasie has joined Portuguese side Sporting Lisbon on a season-long loan, with two years left on his deal with the Blues.
There has been no word on if Everton are continuing to pay a portion of his reported £75,000-a-week wages.
The Congolese international joined Everton in August 2016 from Crystal Palace for £25m, but a bright start to his time at Goodison Park was curtailed by a cruciate ligament injury picked up against Manchester United the following December.
He returned 12 months later but has failed to rediscover the same form, and scored just one goal in 17 appearances for the Toffees under Sam Allardyce last season.
There was no place for him in the Everton squad after the arrival of Marco Silva, and he ended up going on loan to Aston Villa, but the Championship side and the player terminated the loan deal by mutual consent during the January transfer window.
The 30-year-old then went on a half-season loan to Anderlecht in Belgium where he again underwhelmed and though there were rumours that a permanent transfer could transpire, nothing came to pass.