The two parties mutually agreed to terminate the striker's contract after he failed to score in nine matches this season.
The Chicago Fire and Gilberto have mutually agreed to terminate the designated player's contract, the club announced Wednesday.
The 27-year-old Brazilian striker was claimed off waivers by Chicago in July, netting five goals in 10 matches last season before going scoreless over nine games to start 2016.
"Despite his best efforts, Gilberto was not able to reach his top form in Major League Soccer," Fire general manager Nelson Rodriguez said in a news release.