The Goodison Park board have held talks with Toffees boss Walter Smith over the future of the 21-year-old, and have decided that they will not renew his contract when it expires at the end of the season, and would like to sell him before then.
Cadamarteri was fined £2000 along with £4000 costs for the incident that occurred in October last year, and will also be the subject of internal disciplinary action from the Club.
A Everton statement said that he will leave as soon as 'suitable arrangements' can be made as his prosecution now makes his position at Goodison impossible.
"It has been decided that in the interests of his footballing career, the player will be allowed to leave Goodison Park when suitable arrangements can be made," said a club statement.
"The player acknowledges that his actions brought discredit to himself, his family and his club resulting in unnecessary and potentially damaging publicity and he wishes to offer a full, public apology.
"The player has agreed that he will immediately donate to local charities a sum equivalent to the amount of legal aid he received to fight his case. Furthermore, he has offered to devote a substantial amount of time to assisting Everton's Football in the Community scheme."
