The midfielder made a permanent move to Wolves from Chelsea in August 2014 and has since made 57 appearances for the club, scoring six goals during his time at Molineux.
Saville enjoyed two loan spells while at Wolves, helping Bristol City to gain promotion to the Sky Bet Championship while at Ashton Gate from January through May 2015.
The 24-year-old then joined his new club, Millwall, between October 2015 and January 2016.
Everyone at Wolves would like to thank Saville for his efforts while at the club and wish him the very best of luck in his new move.