Boly has not featured for Wolves since breaking his fibula in October but returned to the bench for the 2-1 defeat to Liverpool on Thursday night.
The centre-half is now battling it out with midfielders Dendoncker and Romain Saiss to start at Manchester United, on February 1, and the Belgian is pleased to have the Frenchman back.
He said: “I think it is good he is back.
“I think we could use him, he is of a great value to our team and I think he will help us.”
Dendoncker moved to the right of the back three due to Boly’s injury for the second half of the 1-1 draw at Newcastle United and has kept the shirt.
Dendoncker says it has taken time to adapt, with Boly’s return freeing up the possibility of a midfield return.
He said: “I felt I needed some time to settle there. It is not always easy positionally to defend.
“But I’m just trying to do my best.
“(Against Liverpool) I tried to do my best, just like I do every game.
“They did not have a lot of opportunities but yet they scored twice so it is something we have to look at. We played a good game, the whole team. It is just a pity about the result.”
The defeat leaves Wolves seventh in the Premier League table heading into their free weekend having been knocked out of the FA Cup.
And for Dendoncker the only difference between Nuno Espirito Santo’s side and league leaders Liverpool was the finishing. He said: “I think we showed that (our ability to play like a top six team.
“Especially in the second half when we were in control of them.
“We had the chances as well to score a second, we didn’t but that is maybe the only difference between us and them.”
“They are really efficient when it comes to scoring.
“I think they had three chances, they scored two of the three and that is what makes them a big team.”