The Italian midfielder made his final appearance for the Robins in the 1-0 Boxing Day defeat by Exeter City.
"We would like to thank Raffa for his efforts and wish him all the best for the future," manager Paul Buckle said.
The 27-year-old former Bradford City and Swindon Town man made 10 starts and three substitute appearances for Cheltenham after arriving on a three month deal at the end of September.