The 30-year-old former Arsenal, Fulham and Valencia player made eight league appearances for Villa after joining them in 2014.
"Aston Villa and Philippe Senderos have mutually agreed to terminate the defender's contract," Villa said in a statement on their website.
Villa are six points adrift at the bottom of the Premier League.
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Senderos has played 54 times for Switzerland and represented his country in three World Cups.
(Reporting by Ed Osmond; editing by Toby Davis)
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