The 23-year-old shot-stopper went back to Compton a couple of weeks ago to undergo treatment on a recurring quad injury.
And now his loan spell with the League One club has been confirmed to be over, ahead of their final game of the season at Crewe on Sunday.
Sarkic – who Wolves snapped up following his release from Villa last summer – enjoyed a fine campaign at Montgomery Waters Meadow, making 29 appearances in all competitions.
He picked up 11 clean sheets for them as well.
Wolves will now assess the best way forward for the Montenegrin and the rest of their keeping department, with experienced back-up John Ruddy set to see his current deal expire.
Shrewsbury, meanwhile, will have former Wolves man Harry Burgoyne between the sticks at Crewe.