The Denmark international collapsed during a friendly match against Ukraine in June. He previously suffered a cardiac event during his national side's opening European Championship group game against Finland in Copenhagen in 2021.
The decision was finalised following discussions between the 34-year-old and Wolfsburg managing director Dieter Hecking. The club confirmed they will maintain regular contact with Eriksen and the medical staff overseeing his treatment.
"We continue to wish Christian all the very best with his rehabilitation," Wolfsburg said in a statement.
Eriksen joined the German side as a free agent in September following his departure from Manchester United.