The Super Eagles captain spent 10 years at the club, before he departed in the January transfer window to sign for Chinese Super League side, Tianjin TEDA.
As part of the gesture to appreciate the 29-year-old, the Stamford Bridge club did not negotiate any fee for the midfielder and have now paid him off with his wages for the last six months of his deal.
The Nigerian made 374 appearances for the Blues and won 11 major trophies.
Mikel Obi is now the highest-paid Nigerian footballer having signed a £140,000-per-week contract with TEDA.
He has since joined his new team-mates in Malaga, instead of taking time off after the club gave him permission to rest following his medical in Amsterdam.
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