The 29-year-old has attracted interest following the Midlands club's relegation to League One, with Leeds reportedly lining up a move for the forward.
However, the Republic of Ireland international has ruled out the possibility of reuniting with Leeds manager Brian McDermott, who took him to Reading in 2005.
"I was with Brian at a wedding at the weekend and we had a bit of fun together," Clubcall.com quotes Doyle as saying.
"He signed me at Reading when he was chief scout, but no I won't be signing for Leeds."
Doyle scored 10 goals in 44 appearances for Wolves last season.