England World Cup winner Woodman joined Wasps in 2009 after starting his coaching career in Australia.
"I have had four really enjoyable years here and it's now time for me to seek a new challenge elsewhere," he said. "Working with lots of talented young players and helping them come through and emerge as key Premiership names has been something I have been very proud of."
He added: "I have also learned a lot from Dai Young this season from his experience as a director of rugby.
"When Dai joined (Wasps) two years ago we mutually agreed I would stay on for two more years while he assisted all coaching areas, and then he would take full control of the forwards, so it's now time for me to move on."