The 25-year-old had a trial with the League One club during the summer, but a transfer failed to materialise.
However, reports have since linked him with a loan move to Molineux and when asked about the proposed switch, Ephraim expressed his desire to see it concluded.
"I went up there for a couple of days, spoke to the manager and it went well. It could happen. It was a move I was hoping would happen before but for whatever reason it didn't go ahead in time," he told the Fulham Chronicle.
"I'm waiting to hear whether it'll still happen and I'd be really pleased if it does. To go to a club like Wolves and play for a manager who trusts me appeals to me a lot."
The former West Ham United youngster went on to admit that he was frustrated with how his career has panned out at Loftus Road.
"From my point of view it's just really disappointing not to be involved. I have a lot of feelings for QPR but, let's be honest, I'm coming towards the end of my time there," he addd.
"My contract is up at the end of the season and I want to play as much as possible. It's been a really frustrating time for me. If something happens with Wolves I'd be delighted. If not then it'll be time to explore other options. Either way it's clear I'm not part of the plan at QPR."
The attacker joined the R's in 2007, but has had loan spells with Leeds United, Charlton Athletic, Bristol City and Toronto FC.