The 32-year-old was dropped from the first team almost a year ago and has not featured since.
He has spent much of the last 12 months training with the club's youth team and then in a special individual group of players who were no longer being considered for first-team duty.
"This opens up new options and perspectives," said the former Germany international goalkeeper.
"After what has not been a particularly easy time for me and my family, I can now look forwards and consider my future with all the calm I need."
Wiese lost his place in the Hoffenheim goal after just 10 appearances following a transfer from Werder Bremen in 2012.
Koen Casteels has since established himself as the club's number one and Wiese no longer featured in the club's plans, despite having a contract until 2016.
"We're very relieved that we have succeeded in resolving another difficult issue satisfactorily," said the club's chairman Peter Rettig on the club's official website.