The 31-year-old midfielder would have been out of contract at The Molineux in the summer but the club have released the Hungarian midfielder and he is now free to join another club as a free agent.
"Having initially been signed by Glenn Hoddle, Denes has found himself out of the first team picture over the last couple of seasons and things haven't really worked out for him," Wolves' Chief Executive Jez Moxey told the club's official website.
"But he has always maintained a professional attitude, and we wish him well for the future."