The 29-year-old has struggled to hold down a regular starting spot since joining Wolves from Red Star Belgrade in 2009.
As a result, Solbakken is willing to allow the Serbian to vacate Molineux for the good of his career.
"We're looking to see if he can find a club and he agrees on that," Solbakken told the club's official website. "He's been here for a long time and needs to play regularly.
"For a long time now he just played a few games each season. He's at an age now where he needs to be playing regular football."
Milijas has 12 months remaining on his current contract.