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The goalkeeper joined the Premier League club in 2020 from French side Dijon and was subsequently sent on loan to Leuven in Belgium and Turkish side Alanyaspor before joining Cardiff last August. After making just eight appearances in all competitions with the Championship side, he returned to the Gunners at the end of the January transfer window and his departure was confirmed on Thursday.
The 28-year-old Iceland international is expected to make another transfer now that he is a free agent. According to Bold.dk, he will join Danish club Copenhagen to act as back-up for Kamil Grabara for the rest of the season before the latter moves on to Wolfsburg in the summer.
Runarsson has played only six times for Arsenal's senior team since joining the club in 2020. His sole Premier League appearance came against Wolves in February 2021 when he came on for the final 15 minutes after goalkeeper Bernd Leno was sent off. He featured four times in the group stage of the Europa League in 2020-21, but was dropped for the rest of the competition as the north London team went on to reach the semi-finals.