Manager Nuno Espirito Santo will leave Wolves at the end of the season by mutual agreement.
The 47-year-old Portuguese, who left Porto to take charge in 2017, won the Championship title in his first season.
Wolves finished seventh in the Premier League in the past two seasons, and in September Nuno signed a three-year contract extension to 2023.
“We achieved our goals, we did it with passion and we did it together,” he said.
Wolves are 12th heading into the final game of the season at home to Manchester United on Sunday.
“Since the first day we arrived at Compton [training ground], our ambition was to make a positive change and push this football club forward,” said Nuno.
“I am proud to say that we did that every single day.
“Sunday will be a very emotional day but I am so happy that the fans will be back in Molineux and we can share one last special moment together, as one pack.”
From the Championship to European quarter-finals
