Nenad Milijas has left Wolves after his contract was cancelled by mutual consent.
The Serbian midfielder, 30, made 72 appearances for Wanderers in three years but has not featured at all this season under new boss Stale Solbakken.
Chief executive Jez Moxey told the club's official website: "The manager had told Nenad that his opportunities were going to be very limited this season and, as a result, we have reached mutual agreement on the cancellation of his contract.
"He is therefore free to pursue other options and leaves with the best wishes of everyone at the club.
"He has been a very popular member of the squad, a real club man who has been great to deal with and we wish him every success in the future."
Milijas, who had a year remaining on his Wolves contract, is now a free agent.