Margreitter spent the last campaign on loan at FC Copenhagen, but despite the Danish club being keen to secure a permanent deal, terms couldn't be agreed with the Molineux outfit.
That has seen the Austrian defender return to England, but after being informed that he isn't part of Kenny Jackett's plans for the club's return to the Championship, representative Mario Weger has admitted that a decision needs to be made regarding his future.
Weger is quoted by the Express & Star as saying: "The thing is that he still has two years left on his contract in Wolverhampton and he gets a good salary there, so it's really about whether to take over the Wolverhampton contract or find another solution.
"That's what we're talking about. It depends on his personal conditions of the transfer fee that they'll agree. Georg is also willing to take a pay cut. He's not greedy but it is not easy to find a solution because FC Copenhagen has a much lower budget."
Margreitter has made just three appearances for Wolves since moving to the club in August 2012.