In October, a judge ordered Gaddafi’s release against bail set at US$11 million, which was reduced to US$900,000 last week after an appeal by his defence team.
A Lebanese judicial source confirmed that the bail was paid and said Gaddafi’s legal team had been completing release procedures.
Bayon said his client was set to leave Lebanon for a “confidential” destination, adding that he holds a Libyan passport.
“If Gaddafi was able to be arbitrarily detained in Lebanon for 10 years, it’s because the justice system was not independent,” Bayon said.
He said his client’s release reflected a restoration of judicial independence under Lebanon’s reformist government that was formed in January.
Mussa Sadr - the founder of the Amal movement, now an ally of militant group Hezbollah - went missing during an official visit to Libya, along with an aide and a journalist.
Beirut blamed the disappearances on then Libyan ruler Muammar Gaddafi, who was overthrown and killed decades later in a 2011 uprising.
Ties between the two countries have been strained ever since the trio went missing.
Married to Lebanese model Aline Skaf, Hannibal Gaddafi fled to Syria after the start of the Libyan uprising.
He was kidnapped in December 2015 by armed men who took him to Lebanon, where authorities released him from the kidnappers and later detained him.
-Agence France-Presse