Mir, who originally arrived from Valencia in January 2018, has enjoyed a goal-laden season with Huesca in the Spanish top flight.
He has scored eight times in 28 games for La Liga’s bottom club – putting him level with Barcelona’s Antoine Griezmann and above Atletico Madrid’s Joao Felix.
The 23-year-old has also scored another three goals in the Copa del Rey, in the form of a hat-trick against fourth-tier Marchamalo in the first round.
Huesca had claimed there was an option to buy included in Mir’s loan deal, but the Express & Star understands that not to be the case.
It is believed Wolves have been monitoring Mir’s progress closely and will choose whether to keep him or not during the summer.
The Spaniard could be kept to compete with Raul Jimenez, once back fit, and club-record signing Fabio Silva next season – Wolves also having the option to sign on-loan Willian Jose at the end of this campaign.
Should they choose to sell Mir, though, they appear well-placed to achieve a healthy profit on the £1.7million spent on the centre forward.
Mir was signed halfway through Wolves’ Championship title-winning 2017/18 campaign and made four appearances without scoring.
He spent the following season on loan at Las Palmas, netting seven times in 30 appearances.
A difficult spell with Nottingham Forest in the Championship, consisting of 12 appearances and no goals, followed before joining Huesca on an 18-month loan.
Mir previously worked with Wolves boss Nuno Espirito Santo at Valencia – the Portuguese chief being the one who gave him his senior debut.