The Austrian was brought to Molineux by Stale Solbakken in 2012 but made just three appearances before re-joining the former Wolves boss at the Danish side last term.
He made 15 appearances but Solbakken has confirmed the Danish club will not be taking Margreitter on a permanent deal, leaving Wolves to again pick up his wages from July 1.
In comments reported by the Express & Star, Solbakken is quoted as saying: "Georg had some good last months in Copenhagen - he played well, although before that he was our number three central defender.
"But it is impossible for us to meet his demands.
"We have now signed another central defender, Pelle Nilsson from Nurnberg, so Georg will not be a Copenhagen player."
Margreitter is one of nine high-earning senior players - such as Roger Johnson, Kevin Doyle and Stephen Ward - which the club want to move on as Kenny Jackett plans for a future in the Championship without the group.