The New York Red Bulls announced star Australian midfielder Tim Cahill has parted ways with the club by mutual consent following reports of interest from China's Shanghai Shenhua.

The 35-year-old Socceroos star, who scored three goals during the Asian Cup campaign which saw Australia crowned champions after a 2-1 win over South Korea on Saturday, has scored 14 goals in two-and-a-half seasons since joining the Red Bulls in July 2012.

Cahill helped the Red Bulls to the MLS regular season crown, the Supporters' Shield, in 2013, when he was named in the league's Best 11 and All-Star teams.

"I've enjoyed every moment of my time at the Red Bulls and leave with great memories," Cahill said.

"I joined with the ambition of helping to grow and positively affect soccer in the US and I feel immensely proud of what we achieved as a team during my time in the MLS.

"Winning the Supporters' Shield was, without doubt, one of the best moments I have experienced in my career, and I am now looking forward to my next chapter, which I will announce in due course."

Cahill, who has also been mentioned in connection with a move to Al Wahada of the United Arab Emirates, parted ways amicably with the US club.

"This decision was not made lightly and it is the result of many conversations between our staff, Tim and his agent," Red Bulls sporting director Ali Curtis said.

"After much deliberation, we have agreed that this decision is best for all involved.

"We thank Tim for his service to the organization. He positively impacted the growth of the beautiful game in the United States, MLS and for the Red Bulls."

With Cahill well into the back end of his career, questions are beginning to be asked about whether a move back home is on the cards.

Cahill's former Socceroos team-mates like Harry Kewell and Brett Emerton both finished their careers in the A-League after enjoying club careers overseas, but Football Federation Australia chief executive David Gallop said he does not expect Cahill to follow suit any time soon.

"He feels that he's got a few more years in the overseas market, whether that's in Asia or in Europe I'm not sure," Gallop told ABC News Breakfast.

"He's keeping his cards close to his chest. I don't close the door on him never coming back to the A-League.

"He may do it in a few years' time but I don't think he's ready to do that yet."

AFP/ABC