The Molineux club, who were relegated for the second successive season and sacked manager Dean Saunders after just four months in charge, have released a number of players including former Hearts duo Christophe Berra and Marian Kello, and have extended the contracts of a number of Under 21 development squad players in a bid to cut costs.
Griffiths, who has scored 28 goals this season and picked up three awards in the process held talks with Wolves earlier this month after discussions took place between the Midlands club and the Easter Road side regarding the former Dundee striker’s future.
Kevin Thelwell, Head of Football Development and Recruitment at Wolves, said: “Whilst we continue our search for a new Head Coach, one-year options on several players have been activated. This is normal practice in this situation.”
He added: “It will be a long and challenging summer as we seek to engineer much needed changes to the composition of the first team squad. We are determined to rebuild in the most appropriate manner for the new and difficult on field challenge next season.”