The Edinburgh club were hoping to sign the 22-year old striker on a permanent basis but chairman Rod Petrie has revealed that the English League One club turned down their proposal.
"I wanted to come to Wolverhampton to meet Jez face-to-face to impress upon him the desire of Hibernian to acquire the services of Leigh Griffiths on a permanent basis," Petrie told Wolves' official website regarding Griffiths who netted 28 goals on loan for Hibs last season.
"We had a cordial meeting and I put firm proposals on the table. However, these have been rejected outright. Reluctantly, we have to conclude that there is nothing further that can be done at this time to prise the player away from Wolves."