The in-demand 21-year-old is in discussions over penning a new contract at Molineux, shortly after the club exercised an option to keep him for another season.
Enobakhare is one of several fringe players who could get an opportunity to impress in Wolves' Europa League qualifying campaign, which starts on July 25 against either Crusaders from Northern Ireland or B36 Torshavn from the Faroe Islands.
The 19-year-old is being eyed up by a host of Championship and League One clubs for a possible loan spell this season after impressing when scoring six goals for Coventry City during a temporary move towards the end of 2018/19.
The Sky Blues would be willing to pay £600,000 to sign Enobakhare permanently. but, should be loaned out, Wolves' preference would be for a move to a Championship club.
Before that, though, Enobakhare will get a chance to try and force his way into Nuno Espirito Santo's first-team setup. With the likes of Raul Jimenez and Romain Saiss still in action for their countries – and Helder Costa and Ivan Cavaleiro possibly moving on this summer – Enobakhare and other under-23 players including Max Kilman and Niall Ennis have a chance to feature in the Europa League, after Wolves' pre-season trip to China.
Costa remains a big target for Leeds United and is set for discussions with the Elland Road club. Wolves won't allow both Costa and Cavaleiro to be loaned out, with the preference being to sell Costa for the right price, although a solid 'loan to buy' option would also be acceptable.
One man unlikely to be involved with the first-team this summer is Connor Ronan, who is set to remain with Slovakian side FC Dac – themselves competing in Europa League qualifiers – for the rest of the calendar year.
Wolves have been pleased with Ronan's progress in Slovakia and are impressed with the training facilities and stadium setup at the club, where fellow loanees Daniel Csoka and Christian Herc also spent a chunk of last season.
Ryan Giles is also expected to shortly complete a loan move to League One side Shrewsbury Town.