Nunez arrived at Anfield as part of the deal that saw Michael Owen join Real Madrid but the right-winger failed to make the breakthrough and this week returned to Spain with Celta Vigo.
Despite not being a first team regular Nunez leaves Liverpool as a European Cup winner and says he has no regrets about his time at Anfield.
Nunez said: "It's good news because my only objective is to play. At Liverpool I had few opportunities and that isn't good for a footballer.
"Rafa was clear with me and explained I wasn't going to be in his plans for this coming season.
"In spite of my injuries I learned a lot at Liverpool and it's an experience that will stay with me for ever. I don't consider that I failed in the Premier League."