The England international, who has not played for his country since 2015, joined Wasps for the second time in 2016 after a four-year stint with Sale Sharks and he has been a regular first-team fixture since returning to the Ricoh Arena.
However, the 30-year-old fly-half has now confirmed he will be leaving the club at the end of the campaign although he is yet to make a decision on where he will be plying his trade next.
"I will be sad to leave Wasps, but my job is far from finished and I can promise the fans my absolute all until the end of the season as we tackle the mission ahead of us," Cipriani was quoted as saying by the club's official website. "I will now take some time to decide my next move."
Director of rugby Dai Young also commented on Cipriani's exit, saying: "Danny is moving on at the end of the year and we wish him well. We would also like to thank him for all his efforts in a Wasps shirt.
"As he says, now this decision has been made public we can all concentrate on the really important three-and-a-half months of rugby which lies ahead.
"This begins for Danny, the rest of the squad and staff at the Ricoh on Sunday, where our focus is fully on the challenge presented by Exeter."