Matt Hill is now a free agent after having his contract with Wolves mutually terminated.
The 29-year old defender has not featured in the Wolves first team since early in the 2009/10 season and both the club and player have decided it best for both parties if they move on.
Hill has been sent on loan to Barnsley and QPR during the last two seasons and is now free to find a new home to continue his 13-year career which has seen him play with Bristol City and Preston North End along the way.
Wolves boss Mick McCarthy wished Hill all the best, complementing him on his professionalism.
"Hilly has been a great professional during his time here with us," McCarthy told the club's official website.
"He came in and made an important contribution during the promotion-winning season and has always been a very good influence around the place.
"We would like to thank him for his efforts and wish him all the best for the future."