The 22-year-old has scored 28 goals this season on his second loan spell with Hibs and will collect the Scottish Football Writers' Association player of the year award on Sunday after winning the Clydesdale Bank Premier League award earlier this week.
Wolves, who have released Scotland defender Christophe Berra following their relegation to League One, signed Griffiths from Dundee in January 2011 on a two-and-a-half-year deal with the option for a further 12 months.
Griffiths, who made his Scotland debut in a friendly win over Luxembourg in November, has only made one substitute appearance for Wolves, who are without a manager after Dean Saunders left earlier this month.
- Sports & Recreation
- Christophe Berra
- Clydesdale Bank Premier League