The striker signed a four-month contract with PNE in September after spending a month on trial at Deepdale.
But a serious hamstring injury limited him to just two appearances in a North End shirt.
He played 25 minutes as a substitute against West Bromwich Albion in the Championship on September 18 before starting the Carabao Cup tie with Cheltenham three days later.
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Early in that game Wickham suffered the hamstring injury, one which required surgery to reattach the muscle.
The 28-year-old has been back in training over the last couple of weeks but North End have decided against extending his stay.
Wickham was a free agent when he started training with PNE in August, having been released by Crystal Palace at the end of last season.
He started his career at Ipswich before an £8m move took him to Sunderland in 2011.
Palace paid a reported £9m for him in 2015 but a knee injury restricted his time on the pitch with the Premier League club.
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