Burnley boss Eddie Howe was recently boosted by the return of strike duo Martin Paterson and Charlie Austin from spells in the treatment room, but would still like to extend Vokes' spell in Lancashire.
"Sam has done very well for us but it's very much in Wolves' hands and we respect that," the Burnley boss told the Lancashire Telegraph.
"We would like to keep him but I haven't spoken to Wolves yet, we will sit down with them and discuss it as and when the time is right.
"We are thankful to them for allowing us to have him. He's given us a real physical presence."