Lucio, who only arrived from Serie A rivals Internazionale in the summer, has been on the fringes of Antonio Conte's all-conquering Juve squad and was expected to leave in January.
He is reportedly set to return to Germany - where he won three Bundesliga titles, three German Cups and two German League Cups with Bayern Munich before leaving for Inter in 2009 - with Wolfsburg favourites to sign him.
"The adventure of Lucio is finished in black and white. Juventus and the Brazil defender have reached an agreement for the consensual termination of the contract of the player," read a Juve statement.
His two-year contract with the Bianconeri was worth two-and-a-half million euros a season.
He has made just four appearances as Conte's team, who beat Atalanta 3-0 on Sunday, have gone seven points clear at the top of Serie A and also topped a Champions League group featuring Chelsea and Shakhtar Donetsk.
His last appearance came against the other team in that group, Danish minnows Nordsjaelland.
"At Juventus I am not happy because I do not play," he was quoted as saying by German newspaper Bild recently.
"The last few months have been very difficult because of the injury and the lack of consideration from the coach.
"I hope to find a team that allows me to play with some continuity."
Lucio suffered a tear to a ligament in his ankle soon after joining Juve.
He won the treble of Champions League, Scudetto and Coppa Italia with Jose Mourinho's Inter in 2010 then helped them retain the Coppa the following season under Leonardo after the sacking of Rafael Benitez, who had replaced Real Madrid-bound Mourinho.
He also won the Club World Cup under Benitez.