Wolves are looking to build on last season's success.
The club are hoping that they can break into the top six over the coming seasons, and the board have admitted that it is more important than a stadium revamp.
Executive chairman Jeff Shi told the Express & Star: "Work on Molineux will come sooner or later but it shouldn't be the highest priority. The highest priority is the squad.
"We're at a stage where we're talking with the council, and a 45,000 to 50,000 capacity is what we're looking at – 50,000 is the most we can do at the current location.
"We have to think about things like the university, and even for 50,000, you have to change a lot of things around the stadium.
"We don't need a stadium more than 60,000. The fanbase may not be so huge."