The former captain’s contract expires at the end of the month after he made just five appearances last season.
Ricketts skippered Wolves to the Sky Bet League One title in 2013-14 after joining from Bolton.
Head coach Kenny Jackett paid tribute to the former Bolton man, who was loaned out to Swindon in March last season.
“Sam found his first-team opportunities limited last season, but maintained a highly professional attitude both on and off the pitch,” he told the club’s official site.
“Prior to moving on loan to Swindon, he was also assisting us on the coaching side particularly working closely with the defence.
“In his first season here as captain, he was a major influence and helped the team enjoy some great success with the League One title.
“We would all like to thank him for his contribution during his two years at Molineux and wish him all the best in his future career.”
Ricketts made 53 appearances, scoring three goals, and insisted he enjoyed his time at Molineux.
“It was an honour for me to come in and be captain of Wolves and I have had a really enjoyable two years,” the 33-year-old added.
“To captain the side to a record-breaking title success is one of the highlights of my career and is something I will always remember.
“I was proud to be able to play a part in what everyone achieved in taking the club one step back towards where they really belong.”