The 21-year old American striker spent two weeks with the English Championship club in the hope of landing a deal but has departed the Molineux empty-handed.
Wolves boss Kenny Jackett praised Agudelo's natural talent but suggested his match fitness was not quite at the level to warrant him staying in the West Midlands.
"We felt match fitness was the key for him," said Jackett.
"It was nothing to do with his ability levels, just that he hasn't played. We thank him for coming here and training and hope he enjoyed his time with us, but both parties will now move on."
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