The 28 year-old Costa Rica international suffered from an injury-hampered 2015-2016 A League campaign, which only yielded two starts and seven matches overall.
Solorzano scored 18 goals in all competitions in his 63 appearances for Roar, while he also made 14 games for Melbourne Victory during his loan stint in 2011-2012.
Brisbane Football Operations Manager Craig Moore paid tribute to Solorzano, nicknamed "Nico", and wished him all the best for the future.
"The club thanks Nico for the tremendous effort he has put in at the Roar despite several injury setbacks that sidelined him for lengthy periods," Moore said.
"He has battled hard to get fit again and we all wish him the very best for the next chapter of his football career."