Wall was a Gaelic football star, winning consecutive player-of-the-year awards for Meath and back-to-back All-Ireland championships before turning to Australian Rules last year.
The 25-year-old was a revelation for North Melbourne, playing all 13 games last season while using speed and strength to her advantage.
She kicked six goals and finished in the top five in voting for the AFL Players Association's best first-year player award.
Kangaroos women's football boss Nathan Hrovat said the club will miss Wall's presence but is equally excited for her latest cross-code opportunity.
"Whilst we are disappointed to lose Vikki for the upcoming season, we appreciate the significance of the opportunity presented to her," Hrovat said in a club statement.
"Although we were unable to balance the commitments required with Irish Rugby's sevens program, we are excited for Vikki in her pursuit to represent her country at next year's Olympic Games.
"We expect Vikki to return to our program ahead of the 2024 AFLW season but, importantly, wish her the very best in her Olympics campaign."
Wall has been moved to North Melbourne's inactive list, which allows the club to select a replacement player before the 2023 season begins in September.
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