Wolves secured their promotion to the Championship over the weekend thanks to a 2-0 victory over Crewe Alexandra.
While admitting that it will be tough for Wanderers to return to the top flight, Jackett is confident that they can achieve it.
"I certainly feel this squad are capable of playing in the Championship and it was only a couple of years ago Wolves were in the Premier League - it's our aim to be there again," he told the Express & Star.
"We're not underestimating the size of the task of trying to get back in the Premier League. It's going to be hard because I believe the Championship is the fourth biggest league in Europe."
Wolves continue their quest for the League One title on Friday at home to Rotherham United.