After Wolves were relegated to League One, plans to continue the redevelopment of Molineux were scrapped but with the West Midlands outfit currently competing for promotion to the Premier League, the subject is back on the agenda.
No rebuilding work will commence unless Wolves are able to return to the top flight, but Shi has admitted that he is keen to see more seats inserted at the club's famous home.
Shi told the Express & Star: "Everyone wants to have a big stadium. It's a step-by-step process and only when we build a strong team and can compete comfortably in the Premier League is the time to expand the stadium. Eventually, if we can achieve that, we'll do it of course.
"Laurie (Dalrymple, Wolves' managing director) told me that the maximum capacity may be 50,000. I even asked him can we have a bigger one like Real Madrid's, but it's hard because the position of the stadium, the university is behind us.
"But let's make some progress on the pitch first then when we feel we have a stable squad to compete in the Premier League we can immediately do something."
Wolves currently hold a three-point advantage at the top of the Championship standings.