The trio arrived at the club following Felix Magath's appointment just over a year ago, but have failed to make an impact for a variety of reasons.
"We have decided together that we will part company,'' Magath said. "With Brazzo (Salihamidzic) and Chris, both players wanted a fresh challenge.''
Hitzlsperger, 30, asked for his deal to be terminated one year early while Salihamidzic and Chris will both be out of contract at the end of June.
"It is very regrettable Thomas has stumbled from one injury to another and, as a result, has been unable to help us this season,'' Magath said.
"I have always respected and rated him as a flawless professional both on and off the field.''
Hitzlsperger was restricted to only a handful of appearances for Wolfsburg due to a succession of injuries which he now wants to put behind him before embarking on a new chapter in his career.
"After serious consideration, I have reached the conclusion that a complete recovery is my current priority,'' the former Aston Villa midfielder said.
"I cannot see right now whether I would be able to play a decisive role in Wolfsburg reaching its goals next season so the termination of my contract is a fair solution for both sides.
"I would like to thank Felix Magath for the faith he has shown in me from the bottom of my heart.''