The former Newcastle United striker terminated his deal with the Saudis by mutual consent.
Now a free agent, Mitrovic isn't expected to return to the Premier League or Europe.
Instead, the Serbia international is in talks with Qatari giants Al Rayyan and has a €10m-a-year contract waiting to be signed.
At Al-Hilal, Mitrovic has been replaced by former Liverpool striker Darwin Nunez.