Van Damme has agreed a four-year contract with Liege - just five months after making the switch from Anderlecht to Molineux - although he cannot play for his new club until January 1.
Chief executive Jez Moxey confirmed Wolves will receive the same fee they paid for the 27-year-old in the summer
Van Damme passed a medical on Monday before the deal was finalised between the two clubs.
Moxey said: "The agreement has been struck in exactly the same way as when we brought Jelle to the club from Anderlecht in June. It means we receive the entire fee in the same way as we paid it."
Van Damme, whose wife gave birth to a baby girl last week, has been unable to settle in England. He made just four Premier League starts for Wolves, scoring once against Fulham.
Source: PA
Source: PA