Wolves are considering expanding the Jack Hayward Stand – commonly known as the South Bank – to a capacity of up to 10,000 seats.
It's believed they hope to build back on the existing stand, which houses around 5,000 fans, and keep it as a one-tiered stand.
However the car park area immediately behind the stand is owned by Carillion and it's understood that potentially lengthy negotiations are currently ongoing as to the purchase of the land.
The Express & Star gathers that any Molineux redevelopment work wouldn't take place next season, even if Wolves win promotion to the top flight.
It's believed that spending money on the team would be a higher priority, with any stadium expansion only taking place in the event of Wolves staying in the Premier League.
The redevelopment of Molineux has been on hold since 2012 when the team was relegated from the Premier League. The £18million Stan Cullis Stand opened that year and under £40m proposals spearheaded by previous owner Steve Morgan the Steve Bull and Jack Hayward stands would have been next, both with two tiers.
With Wolves now edging nearer to a return to the top flight, owners Fosun are working on what would be a revamped plan to expand Molineux and will also be formulating a proposal for the Steve Bull stand.
Managing director Laurie Dalrymple told the Express & Star in October that initial discussions had taken place and that the club could keep the South Bank as a single tier, after feedback from supporters.
He said at the time: "The biggest box to tick is promotion – that’s when we can really start talking about it.
"One of the reassurances fans want is around the South Bank, they want it as a single tier, which is clearly something we’d want to ensure, that we fulfil their requirements and wishes.
"And it’s also important to retain some of the existing really important features of the ground.
"It may be about looking at something different (other than the 2010 plans).
"Given the time that’s elapsed – it’s not to say we’d rip up those plans – but I think we’d have to review and say ‘Is this still the best thing?’.
"It’s a completely different owner now – they may have a totally different perspective in terms of what to do with the stands, what to do with the whole Molineux footprint."
The South Bank in its current guise opened in 1993 when the Jack Harris Stand was built on the site of the old South Bank terrace.
In 2015 it was renamed after Sir Jack Hayward, who died earlier that year aged 91.
Wolverhampton-based construction and services giant Carillion is currently in administration.
Both Wolves and the Government's Insolvency Service, which is acting on behind of Carillion, declined to comment.