The 22-year old striker has scored 20 goals whilst on loan for the Edinburgh outfit this campaign but the deal will not be made permanent as Wolves boss Dean Saunders wants him back next season.
"We will be taking up the option on Leigh. He scored a great goal in the semi-final and has done well for Hibs,” said Saunders.
"Obviously he is playing a different level but it is progress for him. Goalscorers are hard to find and he has a fantastic record up there this season.
"I am really looking forward to working with him when he comes back for pre-season.
"I have told him if we could have got him back when Sylvan Ebanks-Blake broke his leg at the start of April we would have. But when we extended his loan we had to do it window to window.
"When he came back after I had just taken over, I had to make a decision on what to do in a few days. At the time he was about fifth choice striker and I was looking to bring someone else in. So it was better for his career to have that loan extended.
"Hindsight is a great thing and if we had known then what we do now, we would have kept him."