The 21-year-old departs the Gunners 12 and a half years after initially joining the Hale End youth academy, and he was awarded his first professional contract in 2019.
Azeez made his first-team debut for Arsenal off the bench in a Europa League win over Dundalk in December 2020, and he was previously regarded as one of the brightest talents in the North London youth system.
However, Azeez has ultimately failed to live up to his potential at the Emirates, and after a trio of underwhelming loans with Wigan Athletic, Portsmouth and UD Ibiza, he has now departed Arsenal for good.
Upon his arrival in the third tier of Spanish football, Baleares sporting director Patrick Messow described the England Under-20 international as "a young player with good movement and a lot of work in the centre of the field".
Azeez made three appearances for Arsenal's Under-21s in the first half of the 2023-24 season and is the third player to leave the Gunners permanently on deadline day after Alex Runarsson (released) and Lino Sousa (Aston Villa).