The former Spain and Real Madrid boss arrived in November after the club were successful in their second attempt in recruiting him to replace Bruno Lage.
Lopetegui guided the side away from the bottom of the table to a 13th-placed finish but apparent disagreement over the club’s recruitment policy over the summer has resulted in the 56-year-old departing just a week before Wolves travel to face Manchester United in their opening game of the campaign.
“The head coach and club acknowledged and accepted their differences of opinion on certain issues and agreed that an amicable end to his contract was the best solution for all parties,” said a statement from the club.
“Talks have been ongoing in recent weeks, held with the utmost respect and cordiality, affording the club time and space to begin work on finding a successor, while also ensuring that Julen and his backroom staff could continue their planned preparation to ensure the playing squad would be in the best possible condition for the start of the Premier League season.”
In his own statement Lopetegui said: “I wish Wolves and everybody at the club the very best of luck for the future, and thank them for the opportunity granted at the time to take charge of this wonderful club.
“It has been an honour to enjoy this adventure. Also, of course, I want to thank the players, who have always given the maximum to achieve our objectives, and especially the fans that made me feel like one of them from the very first moment and have always been amazing to me, my staff and my family.”
