David Davis has told Inverness manager Terry Butcher he does not want to extend his loan deal and will return to Wolves to seek other options.
As a result, Saturday's Scottish Cup tie with Dunfermline will be the midfielder's last game, if selected.
The news comes after Wigan defender Roman Golobart said he would remain on loan for the rest of the season.
Fellow loan signing Aidan Chippendale has still to confirm his intentions, but Butcher is optimistic he will stay.
Winger Chippendale arrived from Huddersfield Town in August.
Davis arrived in Inverness from Wolves in August after loan spells with Darlington, Walsall and Shrewsbury Town.
He has made 14 appearances during his time with the Highland outfit, scoring once in October's 3-2 defeat by Motherwell.