The Dane joined Villa last summer from Aalborg, but the 23-year-old was unable to make an impact in Paul Lambert's plans.
He made just six substitute appearances for Villa and his last outing in the Premier League was a late run-out in a 2-0 home defeat by Everton in October.
Helenius' only goal for Villa came in his last appearance when he scored in the surprise 2-1 home defeat by Sheffield United in the FA Cup third round in January.
Injuries to fellow strikers Libor Kozak and Christian Benteke failed to provide Helenius with more opportunities and his representative Mads Bach Lund expects the player to move on this summer.
Bach Lund tweeted: "Villa are not counting on @NicklasHelenius as a part of the squad next season. Pity, but we are looking forward instead of backwards.
"He did his very best, but many reasons behind this. But great experience and development, he is a stronger player now!"