Wolves have just secured promotion to the Premier League, and owners Fosun International are looking to quickly establish the club as a contender in the top half of the table.
The West Midlands outfit have previously outlined plans to expand the capacity at Molineux, and while that remains the case, Shi has not ruled out building a new stadium.
Shi told FC Business: "I think by the end of the season, we will make some crucial decisions on whether to expand the stadium or build a new stadium.
"Molineux is important for the fans of course and we are looking at it and have architects looking at designs.
"After this season, we will have a decision. The stadium is in the centre of the city; there is no space to expand the stadium too much. We are talking about the maximum size of the stadium, maybe 40,000, 45,000 or 50,000."
Wolves begin the new Premier League campaign with a home clash against Everton on August 11.