Djorkaeff, who left Bolton Wanderers in the close season, joined Rovers in September on a deal that expires at the end of December.
The 36-year-old forward made three league appearances for Mark Hughes's team in October before sustaining a hamstring injury that has sidelined him ever since.
"It has been decided by 'mutual agreement' not to extend his spell with Rovers," the club said on its website on Wednesday.
Djorkaeff, who won 82 France caps and helped them to win the 1998 World Cup and the 2000 European Championship, previously played for German club Kaiserslautern, Italy's Inter Milan and Paris St Germain and Monaco in France.
