Brown's contract, which was due to expire at the end of 2014, was terminated after he broke the jaw of young team-mate Steven May during an alcohol-fuelled altercation in a Los Angeles bar last week.
The Suns reached their decision following a week-long investigation that included interviews with Brown, May and a number of players and staff.
May had two plates inserted to fix the fracture late last week after returning with Brown to Australia.
The latest indiscretion is part of a long line of brutal incidents that have plagued the Hawthorn premiership player's career.
Two years ago Brown and then Suns team-mate Maverick Weller were detained by Thai police after allegedly being in a fight with a local policeman during an end-of-season trip.
The often violent Brown also missed the first six games of the season with suspension, a regular feature of his career where he's missed a total 29 games through suspension in total.
Brown already was set to miss the opening round of next season because of yet another suspension.
"Campbell has cooperated fully with the club's investigation, and while he is understandably disappointed to be finishing his career with the Gold Coast on such a note, he has not, at any stage, shirked his responsibilities," Suns chief executive Travis Auld said in a prepared statement.
"Campbell has been in touch with Steven May post surgery and both have apologised to each other for their part in the incident."