According to The Athletic's Aaron Portzline, the agreement was reached between the Blue Jackets and Hofmann to relinquish his rights and allow him to sign with Swiss National League club EV Zug.
On Monday, the Blue Jackets announced they'd suspended Hofmann.
"Gregory was given permission by the club to step away for personal reasons and informed us today that because of those reasons he has decided not to return," general manager Jarmo Kekalainen said. "Obviously, we are disappointed, but we have no other recourse than to suspend him."
The 29-year-old Hofmann last played for Columbus on Dec. 14 in Vancouver.
Hofmann was acquired in a trade with the Carolina Hurricanes last February and signed a one-year contract with the Blue Jackets in June after spending 11 seasons in Switzerland's top league.
Hofmann had two goals and five assists in 24 games this season.