The 23-year-old Dane joined the Villans from Aalborg BK in June 2013, but he only contributed one goal in six appearances during the 2013-14 campaign.
Mads Bach Lund now expects Helenius to find a new team in the coming weeks.
"Villa are not counting on Nicklas Helenius as a part of the squad next season. Pity, but we are looking forward instead of backwards," he tweeted.
"He did his very best, but many reasons behind this. But great experience and development, he is a stronger player now!"
Helenius has won two caps for the Danish national side.