The formalities are set to be completed over the next 24 hours.
The former French under-21 International joined Wolves in the Summer of 2009 on a four year contract which was due to expire at the end of the season.
He made 69 appearances in all competitions, scoring four goals.
"Ronald has made a valuable contribution during his time at Wolves," said CEO Jez Moxey
"He leaves with the best wishes of everyone at the club".