Elokobi moved to Molineux in 2008, but after the League One champions decided not to renew his contract, Moxey was quick to thank the Cameroonian for his efforts during his six-and-a-half-year spell.
Moxey told the club's official website: "George has been a fantastic servant to this club since his arrival in 2008, proving to be a hugely popular figure with teammates, staff and fans alike.
"He's been a constant figure throughout the club's promotion to the Premier League and our three-year stay in the top flight.
"He has battled against some serious injuries but he's never let his head drop and his attitude, commitment and character throughout adversity has been infectious and an example to everyone."
The left-back has made 103 appearances for Wolves.