HIGHLIGHTS: The BEST of Jaime Penedo's 2014 Season

The LA Galaxy and goalkeeper Jaime Penedo have agreed to mutually terminate the Panamanian's contract.

LA Galaxy Insider can confirm that the Galaxy and Penedo will part ways following a two-year stint by the Panamanian 'keeper at StubHub Center. The 33-year-old was placed on waivers Wednesday. From what LA Galaxy Insider has learned, the move was initiated by Penedo who requested a change of scenery which the Galaxy obliged. It is unlikely that he'll remain in Major League Soccer.

Penedo signed with the Galaxy in August 2013, and was instrumental in helping LA win the 2014 MLS Cup. He made 61 appearances for the club in MLS competitions, earning a 29-14-17 record, with 177 saves and 21 shutouts for Los Angeles.

This season, Penedo has totaled a 6-4-6 record with the Galaxy while notching 50 saves and five shutouts.