The 26-year-old centre half has been one of Nuno Espirito Santo's star performers since joining from the Portuguese club on a temporary season-long deal.
Wolves have an exclusive option to buy Boly and should promotion be secured the Frenchman has been identified as a key part of Nuno's plans.
Reports in Portugal had suggested Boly wasn't settled in England but it's understood he is keen to join permanently if Wolves go up.
Of Wolves' other loanees, star forward Diogo Jota remains the most likely to be snapped up this month.
Again, Wolves have exclusivity options on both him and Leo Bonatini but there is no rush to get either deal done with Nuno and the recruitment team now planning for how they want the squad to look in what is the increasingly likely event of promotion.
Spanish forward Rafa Mir joined from Valencia last week for £1.5million but there are no other incomings on the immediate horizon.
The three positions which could be strengthened this month are right wing back, central midfield and up front.
However the situation is understood to be flexible on all three. If Rafa Mir impresses in the coming weeks then it's understood it's unlikely another forward will be brought in, while Morgan Gibbs-White could step up to replace Jack Price as back-up central midfielder.
At right wing back the club will only spend money on a player at the same level or better than Matt Doherty. Phil Ofosu-Ayeh's fitness could dictate what Wolves do, with recalling Dominic Iorfa or Jordan Graham as cover another option open to Nuno.
Meanwhile head coach Nuno has been nominated for the Championship manager of the month award for December. Wolves won four and drew two of their six league matches to increase their lead at the top of the table.