The Bundesliga side said in a statement on Tuesday that Hleb will leave the club on 31 December.
Wolfsburg coach Felix Magath said, “this is very, very unfortunate. I would have gladly taken up the option to sign Hleb [permanently] but the recurring injury problems prevent that.”
Hleb made only four league appearances, three as a substitute, since joining on the final day of the transfer market on 31 August.
Hleb said the setback “hits me hard, of course, because I had great plans here in Germany.”
Hleb is in Munich to fix a muscle problem.
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