The 25-year-old scored three times in 21 appearances while on loan at Molineux last season and the two clubs had discussed a transfer.
But Wolves will now not take the deal further after Nuno Espirito Santo replaced Paul Lambert as head coach.
Weimann thanked his Wolves team-mates and the club's fans on his Twitter account on Tuesday.
The Austria international was largely restricted to substitute appearances for Derby in the first five months of the 2016-17 season, starting just once in the Championship.
In January, he opted to be reunited with Lambert, who had managed him at Aston Villa, and his crowning moment was scoring in the FA Cup fourth-round win at Liverpool in January.
But the Scot's departure from Molineux has ended talks over a permanent switch.
Wolves have ended their interest in signing Derby forward Andreas Weimann on a permanent deal, BBC WM reports.