The Olympic champion and Tour de France winner had collided with a van while out training and was kept in hospital overnight for observation.
A Lancashire police spokeswoman confirmed to BBC News: "Bradley has suffered broken ribs but the driver of the vehicle is not injured."
The official Team GB Twitter feed later confirmed that Wiggins had been allowed to go home: "Good news, Bradley Wiggins has been released from hospital #cycling"
Garage attendant Yasmin Smith, who saw Wiggins soon after the collision, said: "He was in a lot of pain - he actually thought he had broken his ribs.
"His hands looked bruised and they were curled up a bit. And then his colour changed."
She added: "His wife [tried to] hug him and he said, 'Don't, my ribs'. He was assisted [in] walking to the ambulance. He could stand up. I think his ribs and hands were the main concern."
Team Sky, who Wiggins rides for, had previously claimed "the injuries he has sustained are not thought to be serious and he is expected to make a full and speedy recovery".
Wiggins has called for cycle helmets to be mandatory, and added: "There are a lot of things that need to be addressed with cycling at the moment on the roads.
"Things can't continue the way that they are, everybody knows that."
Meanwhile, Team GB cycling coach Shane Sutton was also injured when he was knocked off his bicycle in a separate incident this morning on the A6 Stockport Road near the junction with Clare Road.
Greater Manchester Police said: "A 54-year-old man from Cardiff was riding a bike when he was in collision with a blue Peugeot 206 being driven by a 61-year-old man.
"He suffered a head injury in the collision and was taken to Hope Hospital for treatment. It is now believed he may have suffered a small bleed on the brain and concussion. He is now in a stable condition. The driver of the Peugeot was not injured."
The Team GB Twitter feed added: "We want to wish GB #cycling coach Shane Sutton our best wishes and a speedy recovery."
London 2012 - Team GB gold medalists:
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