$\frac{v}{4}$
Step 1: The velocity of the center of mass is given by: \[ V_{{cm}} = \frac{m_1 v_1 + m_2 v_2}{m_1 + m_2} \] where $m_1 = M$, $v_1 = v$, $m_2 = 2M$, and $v_2 = 0$.
Step 2: Substituting the values: \[ V_{{cm}} = \frac{M v + 2M \times 0}{M + 2M} \] \[ V_{{cm}} = \frac{M v}{3M} = \frac{v}{3} \]
Step 3: Therefore, the correct answer is (D).