The 23-year-old, who previously spent time on loan at AFC Telford United and Shrewsbury, enjoyed his most successful season yet as he registered 12 assists in all competitions for Championship side Middlesbrough.
After losing to Coventry in the play-off semi-finals, Giles’ spell at the northern club has come to an end.
With Rayan Ait-Nouri’s future at Wolves uncertain, Lopetegui has not ruled out bringing Giles into the fold next season.
He said: “We will see. We have to review everything that’s going to happen – the players we have, the players who are going to come and of course we have to analyse the players who have been on loan.
“Afterwards we will make a decision, but we need to improve our squad.”
Former boss Bruno Lage was keen to take a look at Giles last summer before the player left for Boro ahead of pre-season.
Although he has left the door open for the left-back, Lopetegui remained coy on his decision as he focuses on the end of Wolves’ season.
He added: “We will see. We’re not going to talk about next season now, we’re going to take the decisions after all the players have finished their seasons.
“Of course he’s one of our players who’s been on loan and after we will see which players stay with us.”
The Telford-born defender – who can also play as a winger – was pictured at Molineux in late April as he watched Wolves beat Crystal Palace.
But Giles insisted he did not have any talks over his future throughout his spell back in the Black Country.
“I’ve no idea what the future might hold. I am a Wolves player, and I have two years left on my contract there,” he said.
“There weren’t any talks.”
Lopetegui and the Wolves hierarchy are set to come to a decision on Giles’ future and it remains to be seen whether he will be given an opportunity in pre-season.
If the club choose to loan him out again or move him on permanently, he is expected to have several suitors as a number of Championship clubs monitor him ahead of next season.