"Thanks to all the wild fans, the organization, the coaching staff and the player," Latendresse posted on his Twitter account.
"(I)'m moving forward on a new chapter in my career. (T)hat decision was made because i have a son of 4 year old in Montreal and I think he need me. we will see what the market has to offer."
Latendresse arrived via trade from the Montreal Canadiens during the 2009-10 season and collected 25 goals and 12 assists for 37 points in 55 games for the Wild down the stretch.
Wild GM Chuck Fletcher confirmed that Latendresse has informed the Wild of his intention to hit the free-agent market as the team had a $2.5 million option on Latendresse, but chose not to exercise it.
Latendresse has struggled with concussion issues and went on to play in just 27 games over the past two seasons.
However, the veteran forward recently revealed that he was cleared for game action and had not experienced any concussion-related symptoms since early spring.
In just 16 games with the Wild last year, Latendresse collected five goals and four assists for nine points.