The former Velez Sarsfield forward scored 18 times in 37 games in all competitions last season and had a further 14 assists – all in the Chinese Super League - during his most productive campaign with club.

Vargas’ departure comes just weeks after Brazilian playmaker Oscar announced he would be leaving the Kevin Muscat-coached club to return to Sao Paulo and leaves Shanghai Port needing to restock their attack ahead of the resumption of the AFC Champions League Elite™ 2024/25.

Shanghai Port are currently seventh in the eastern league standings of the competition, with Vargas having scored five times in five appearances in the continental championship, including a hat-trick in a 3-1 win over Ulsan HD.

The Chinese champions are next due to face J1 League winners Vissel Kobe when the competition resumes on February 11 before taking on Yokohama F Marinos eight days later.

The first eight finishers in the 12-team group phase will advance to March’s quarter-finals.