Wickliffe, now 62, was first sent to prison in 1972 for the murder of Wellington jeweller Paul Miet, but the charge was reduced to manslaughter 12 years later.
He twice escaped from Auckland Prison at Paremoremo -- the country's only maximum security prison.
Wickliffe was later charged with another murder but his conviction was quashed and he was acquitted at a retrial.
He was released on parole when his partner Dionne Chapman became terminally ill, and complied with his conditions but was jailed last year on older drugs and firearm charges.
"We are fully aware of the details of that offending and in our view that offending stands on its own and can be seen to have predated the more dramatic changes in his life," panel convenor Judge David Carruthers said.
A Parole Board decision released today said Wickliffe would be released on parole next month under a number of special conditions.
He will live in his own home with an electronic bracelet, with people who have no criminal history, in a "very pro-social and supportive environment", the board said.
Wickliffe also had a job waiting for him, and therefore enough money to live on and things to occupy his time.
He was assessed as at a moderate/high risk of re-offending based solely on his criminal history, but his risk of reoffending had diminished as he aged.
Wickliffe's offending had moved from violent to non-violent and dishonesty offences, and then to driving and drug offences and was expected to reduce further.
"It is noted that his recent life experiences have resulted in him now being empathetic and understanding the concerns and needs of others," Judge Carruthers said.
Wickliffe will be closely supervised while he settles into ordinary life, and will be under a curfew between 7pm and 6am, seven days a week for five years. He will also be seen by the Parole Board in November as part of his monitoring.
Alcohol and illegal drugs will be prohibited for the rest of his life, and he will not be able to own a firearm.
"Having regard to all of this and his acquired maturity, again expressly mentioned by the psychologist, we have decided that the community of New Zealand would not be at an undue risk if he is released on parole," Judge Carruthers said.
