The 25-year-old returned to Molineux in January until the end of the campaign, two years after leaving for parent club Bournemouth in a £10m deal.
After making an instant impact in the West Midlands with four goals in nine Championship outings, Afobe hopes to now realise his wish of representing Wanderers in the top flight of English football.
"This is home to me," The Times quotes him as saying. "I know we've still got eight games to go, and those kind of calls are going to be between Bournemouth, Wolves, my agent and my family, but my dream has always been to play for Wolves in the Premier League. Hopefully that can happen."
Afobe scored 22 goals in 46 league appearances for Wolves in his previous spell, prior to earning a move to Bournemouth.