The former Scotland international made only four substitute appearances during an injury-hit stint at McDiarmid Park after leaving Hearts in the summer.
A club statement read: "The contract between St Johnstone FC and Craig Beattie has been terminated by mutual consent. The club wishes Craig every future success."
The 29-year-old recently spent time training with Notts County with a view to a move but was not deemed fit enough by the npower League One club's manager, Keith Curle.
- Sports & Recreation
- Craig Beattie