The striker recently made his return in Wolves' Carabao Cup win over West Ham United following recovery from an anterior cruciate ligament injury picked up in February 2024.
It's been a difficult time for the giant Austrian international having sustained two serious knee injuries following his £15m move from Stuttgart three years ago.
Kalajdzic has made 16 Wolves appearances to date and scored three goals with two being important winners against Everton and AFC Bournemouth.
After taking his time recovering from the latest knee injury picked up on loan at Eintracht Frankfurt, the 28-year-old came through a full pre-season under Vitor Pereira and now joins LASK on loan for the remainder of the season.
The 28-year-old gained further minutes during the 3-2 Premier League defeat to Everton last weekend.
There will be no option to buy Kalajdzic and Wolves also have a recall option in January.