The 37-year-old arrived to much fanfare in September but scored just one goal in 12 games as he struggled to find his feet in Australia.
Meier will return to Germany for "personal reasons", according to a Wanderers statement.
The 2014-15 Bundesliga golden boot winner joined the Wanderers in September, but only managed to score one goal and make one assist in 12 appearances.
Meier's struggles have mirrored those of the Wanderers - the club has lost seven of their last nine matches.
He was one of three German-based players brought in by coach Markus Babbel in the off-season, along with defensive midfielder Pirmin Schwegler and right-winger Nicolai Muller.
The Wanderers currently sit in 8th on 14 points, although all three clubs below them have a game in hand.