Leeds have recruited central midfielder Neil Kilkenny from Birmingham City and further transfers are expected to arrive at Elland Road during the January transfer window, leaving Kishishev in limbo.
The 33-year-old, who enjoyed a more successful period with Leeds last season, has made only seven outings this time, although he has been hampered by injury problems.
He will go back to Leicester after the game with Doncaster Rovers at Elland Road on January 19.
Wise said: "I brought in Kish because I was struggling, and Kish will go back on the 23rd. He's okay about that and he understands what I'm looking for. I'm trying to get younger blood here."