The Norwegian made just eight starts in all competitions for City after joining in January, 2020, having made limited impact since joining the club.
In total, the 24-year-old made 18 appearances for the Tigers after signing from West Ham and scored his only two goals in a 3-0 EFL Trophy victory over Grimsby last November with niggling injuries affecting him during his time in East Yorkshire.
Samuelsen spent the second half of last season on loan at Danish outfit Aalborg after being pushed down the pecking order at Hull following the arrivals of Gavin Whyte and Jordan Flores in January.
Aalborg had the right to purchase Samuelsen on a permanent basis, but he has now headed back home to his native Norway
Speaking about Samuelsen at the start of February, head coach Grant McCann said: “As a player, I love him, but unfortunately the form of others has not allowed him to get the games he wanted and he's picked up a couple of niggling injuries in between that.
“I've got a really good relationship with Martin, open and honest when we speak to each other and it's probably the right time for him to go and play some football."