The former England international took to Instagram saying his sub appearance during yesterday's 3-1 defeat to Liverpool is likely to be his last.
Ruddy believes 'the culture' at the club is what has turned Wolves from Championship also rans into a top-half Premier League side, competing in European football.
"So yesterday seems as though it will be my last appearance for Wolves," wrote the 35-year-old.
"Thank-you to the fans for your support through the highs and lows.
"Thank-you to the backroom staff for all your support and more importantly your friendships over the last five years.
"A huge thank-you to every player that I was lucky enough to play and train alongside.
"I believe that a successful team is driven by the culture of its players, the culture we created over these years has enabled us to take this club to places no one thought possible.
"A changing room of top players and men did that so thank-you for allowing me to share that journey.
"Here's to the next challenge."
Ruddy signed as a free transfer in 2017 after leaving Norwich City and kept 34 clean sheets in 72 appearances. He was brought in days after previous number one Carl Ikeme was diagnosed with leukaemia.
He was a huge part of the Championship winning season under Nuno Espirito Santo and will be best remembered for saving Gary Madine's penalty in a famous 1-0 win over Cardiff City, taking Wolves nine points clear of their rivals.
Subsequent Premier League football saw Ruddy take a back seat to Rui Patricio and now Jose Sa but has always remained a huge figure in the dressing room throughout his time at the club.