The 23-year-old has fallen down the pecking order at Arsenal and has been allowed to return to Brazil by Arsenal boss Arsene Wenger.
“I will be playing in Brazil next season as I felt that this is a good opportunity for me to play regular first-team football,” Denilson told the club’s official website.
“I move away with sadness because I have so many friends at Arsenal and everyone has always been so supportive towards me.
“I want to say thank you to the club, and of course, also a big thank you to all the Arsenal fans who are very special.
“I’m now focused on doing well in Brazil next season, but will always be looking out for the Arsenal results.
“It is a great club with many great players, a good team spirit and a top-class manager. I wish you well for next season.”
