Hoffenheim had signed the Croatia international on loan in January to fill the gap left by Vedad Ibisevic's move to Stuttgart.
"My bad luck with injuries unfortunately left me little chance to impress," Lakic said. "But life goes on and in the new season I will give everything at Wolfsburg to get back into my old form."
Lakic had joined Wolfsburg from Kaiserslautern after netting 16 times in the 2010-11 season but failed to hold down a regular starting place under coach Felix Magath.
Hoffenheim said goalkeeper Daniel Haas, at the club since 2005, would also be leaving at the end of the season.