The club are proposing filling in the corner between the Sir Jack Hayward and Steve Bull stands, which would boost the overall capacity above 32,000.
It would see the existing video wall in the south east corner of the ground taken down, with a new one being placed behind an uncovered stand.
The finished product would be similar to the existing Graham Hughes Stand in the south west corner – albeit a bit smaller as that holds around 800.
If given the green light by Wolverhampton Council, Wolves would like to have the stand completed for the start of the 2020/21 season.
But because of the coronavirus pandemic, it is unclear when football will restart and how long a window the club will have to carry out the work.
The new stand would see turnstile block five demolished and replaced with more unmanned automatic turnstiles to ‘improve the entry rate’.
Men’s and women’s toilet blocks are also included in the plans, along with a catering unit, while the new video wall would be 1.5m taller than the current one.
Wolves’ long-term vision of a 50,000-seat Molineux remains but this is seen as a way to house more supporters in the meantime.
Meanwhile, striker Raul Jimenez is confident Wolves can push for a top-four finish once the campaign resumes.
The Premier League is suspended indefinitely but while voiding the term entirely had not been ruled out, the aim is for it to return when ‘safe and appropriate’.
As things stand, Wolves are sixth – five points behind fourth-placed Chelsea – and firmly in the race for a Champions League spot.
And the 22-goal Mexican said: “It’s big for a team that was promoted (two years ago) and this is only our second season in the Premier League.
“We know that we can do it. We can fight for it and I don’t think we’re going to be disappointed if we don’t do it but now that we see that we can do it, it’s special.
“It’s incredible to be part of this team, part of this family.
“We are all working hard to achieve our goal and I’m really enjoying playing with my team-mates.
“Every one of us adds his little piece to what we are doing.”
Jimenez added: “I was really enjoying the season, I know it’s not finished yet and we know that we have to keep fighting for the places that we want.”