McQuade had made seven appearances for St Mirren
St Mirren have allowed forward Paul McQuade to move to East Fife and farmed out defender Dominic Kennedy to the Fifers' Division Two rivals, Dumbarton.
And the Paisley outfit have extended midfielder Jamie McKernon's loan spell at Ayr United from January until the end of the season.
McQuade followed manager Danny Lennon to St Mirren from Cowdenbeath last summer but has been hampered by injury.
And he has now had his contract terminated by mutual consent.
The 24-year-old - who spent part of last season on loan to another Second Divison club, Forfar Athletic - hours later joined John Robertson's East Fife.
McQuade, who has also been on the books of Raith Rovers and junior outfit Dundonald Bluebell, had made seven appearances for St Mirren, scoring twice for the Scottish Premier League club.
Meanwhile, Kennedy, who has yet to make a first-team appearance for the Buddies, has joined Dumbarton until the end of the season.
Fellow 19-year-old McKernon will remain with Ayr until the summer after already making five appearances for the First Division side.