Mladen Petric has departed West Ham United as the club prepared to hand Carlton Cole a reward for his form since returning to the London club.
Petric, 32, joined West Ham on a one-year deal in September, having spent last season with Martin Jol's Fulham side. During his spell with the Cottagers, Petric scored five goals in twenty-three games.
Following injury to Andy Carroll and a lack of other striking options, Allardyce opted to sign the former Borussia Dortmund man.
However, just four months later, Allardyce has given Petric the heave-ho.
Whilst at the club, Mladen Petric made just three substitute appearances for the Irons and leaves the club without a goal to his name. He has now agreed a deal with Greek giants Panathanaikos.
Andy Carroll returned to full training with his West Ham team-mates on Friday, but boss Allardyce is prepared to reward Carlton Cole, who rejoined the club in October 2013.
Cole signed an initial three-month deal with the club, during which time he netted three times in nine games. It is thought that Allardyce is keen to tie Cole to the club until next summer, as he awaits Carroll's return.
It is still expected that West Ham will dip into the market to sign a new striker in the January transfer window, with the club linked to former Sunderland striker Asamoah Gyan and Everton man Nikica Jelavic.
image: © East Ham Bull