Short Answer

The paper or book should either be burnt, shredded, buried in the ground, or thrown into the sea.

What the Scholars Said

Imam Ibn Abidin said: “Books that are no longer benefited from, one should wipe away the names of Allah, His Angels, and His Messengers, and burn the rest. There is also nothing wrong with casting them into a flowing river as they are (i.e. without wiping away those names) or burying them, and this (burying them) is better…If a copy of the Qur’an becomes old and it is difficult to read from it, it should not be burnt in fire…It will not be disliked to bury it.” (Radd ul-Muhtar 5:271)

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Shaykh Mustafa Umar