The fly-half came through the ranks at Wasps but left in 2010 to join Melbourne Rebels for the following Super Rugby season.
The out-half's contract at the Ricoh Arena expires this summer and a move overseas to France or Japan, as has been reported, would effectively end any hopes of reviving his worldwide career.
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The 14-cap England worldwide has spent the last two years at the Ricoh Arena after rejoining from Sale Sharks in 2016.
"What I love about my hob is the opportunities, emotions, challenges, and different situations you find yourself in", Cipriani wrote in a statement posted on Twitter. The same can be said for achievements or mistakes. Now is the time to announce that I'm leaving the club for a second time.
"I'm loving every moment with this squad and can never fault the support of the club's loyal fans!"
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Danny Cipriani says that he "will take some time to decide his next career move" after confirming his end-of-season exit from Wasps. "Let's go one better this year".
Wasps made a blistering start through scores from Juan de Jongh and Thomas Young inside the opening 10 minutes, but the hosts were handed a boost when Eastmond saw red for an out-of-control tackle.
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