Robinho, 36, was sentenced in 2017 to nine years in prison by an Italian court for rape along with five other men by a 22-year-old woman at a nightclub in 2013 while playing for AC Milan.
Robinho has appealed the verdict and the case is still open.
Brazil has no extradition agreement for its own citizens.
"Santos and Robinho have agreed by mutual agreement to terminate the contract signed on October 10 so that the player can concentrate exclusively on his Italian defense," the club said in a statement posted on Twitter on Friday.
The signing of Robinho has stirred up emotions in Brazil and as recently as a couple of days ago, Santos chairman Orlando Rollo defended the player.
The club defended Robinho at first
"Santos fans love this signing, the criticism only comes from fans of other teams," he told the newspaper Folha de Sao Paulo.
- In addition, the criticism comes too early, because the verdict has not gained legal force yet, but it has been appealed.
We will wait and see what happens.
So who are we to judge?
Let the one of you who is free from sin throw the first stone.
One of the club's major sponsors, Orthopride, broke off cooperation with Santos in protest against the recruitment.
- Our target group is mostly female and out of respect for the women who buy our products, we had to make that decision.
We state that we were not previously informed about the recruitment of Robinho, we were surprised by the news over the weekend, says the company's manager Richard Magrath to Globo Esporte.
Robinho has also played for Real Madrid and Manchester City, among others.
He has made 100 international appearances for Brazil.