Valente was part of Porto's Champions League-winning team
Defender Nuno Valente, midfielder Segundo Castillo and winger Andy van der Meyde have all left Everton.
Former Portugal defender Valente, 34, played 60 games in four seasons, but only two in an injury-hit 2008-09.
Ecuador's Castillo, 27, returns to Red Star Belgrade after a season-long loan. He played 13 times, scoring once.
Dutchman Van der Meyde endured injury, disciplinary and personal problems after joining from Inter Milan in 2005, making just 24 appearances the Toffees.
Everton confirmed on Friday that the 29-year-old's contract was not being renewed.
Bookmark with:
What are these?