The 32-year-old had arrived as a free agent intent on earning a place at the World Cup with his national team but financial constraints have brought his time in Perth to an end.
Contract extensions have been agreed with midfielders Gary McDonald and Scott Brown, though, with the pair now tied to the club until 2015. "Ideally we would have kept Sanel [too] but, given the financial picture, we couldn't afford to keep hold of him," said the St Johnstone manager.
"Sanel is hugely experienced and would have come in handy given the games coming up. He also has the prospect of the World Cup to drive him on, but we are not in a position to spend money we don't have and I have to be realistic."