Afobe enjoyed his first spell with Wolves, scoring 22 goals in 46 appearances.
His performances inspired Bournemouth to fork out £10million for his services.
However, in 70 outings for the south coast club, the Congo international has mustered just 11 goals.
Fortunately for him, he has the opportunity to play for Nuno Espírito Santo's Wolves, who currently lead the Championship by eleven points.
Wolves will pay the Cherries a loan fee of around £1m and have an option to buy Afobe at the end of the season.