The Manchester City midfielder joined Bayer on a season-long loan in August, but the Argentine has struggled to make an impact.
City are now recalling Echeverri and plan to send him elsewhere on-loan.
Agent Enzo Montepaone confirmed: "The termination of his contract with Leverkusen was signed today.
"It's what Claudio wants, but it's not Manchester City's desire. I've already scheduled some meetings with the management, and we'll decide what Claudio's future will be, but I can tell you in advance that he'll be in Europe."
Montepaone also told Bolavip: "Claudio needs to play because he has a chance of being considered for the World Cup with the Argentina national team.
"He has strong ties to River Plate; he was practically formed there as a player and a person, so he will always want to return. That won't be possible now, but not by choice: Manchester City don't want to sell him to South America , otherwise he would have been delighted."