The 28-year-old Nigerian striker moved to LaLiga from Leicester City in 2024.
He went on to play 11 games in all competitions, scoring three goals, although all three strikes came in two Copa del Ray games against lower opposition.
He has since been loaned to Middlesbrough until the end of the current campaign.
In 11 games with Boro, the Nigerian has one goal and two assists, and on his current form does not look to be heading back to Sevilla's first team anytime soon.
The club are struggling in the Spanish top-flight in 14th place with just 36 points from 31 games and replaced sacked head coach Garcia Pimienta with Joaquin Caparros on Monday.
Orta explained at the unveiling that signing Iheanacho and Akor Adams were poor decisions by the club.
He said on Soccernet: "I want to clarify that the first two strikers were brought in as complements, to be practically the third striker, because there was a starter like Youssef [En-Nesyri] and a striker who later appeared, like Isaac [Romero].
“But it's clear that betting on Kelechi this season has been a mistake, and we will analyse why we made it — and we are doing so now.”
Liverpool have turned heads in the transfer market, reportedly winning over Sevilla's in-demand centre-back Loic Bade, a player also coveted by rivals Manchester United, ahead of a blockbuster summer move.
Sevilla striker Akor Adams has been ruled out for a number of weeks after picking up a muscle injury.
Atletico Madrid edged out Sevilla 2-1 in a thrilling La Liga encounter at the Estadio Ramon Sanchez Pizjuan on Sunday.
After a grim month that ended their hopes of winning three major trophies, Atletico Madrid hit the training ground at Cerro del Espino, determined to move past their Copa del Rey exit and defeat to Barcelona.
