Lopetegui took charge of Wolves in November and steered them away from the relegation zone to a more comfortable mid-table spot.
The club have been hopeful of building upon this season under the Spaniard but it emerged on Tuesday that not everything is harmonious behind the scenes.
The Wolves boss is now worried that the club will fail to deliver on their promise of investment in the squad as there are suggestions that Wolves need to sell to buy in order to remain FFP compliant.
Talks are scheduled between Wolves and Lopetegui at the end of the season and it has been claimed that he could leave if the club fail to guarantee him investment in the squad this summer.
And Agbonlahor stressed that he would not blame him if he left Wolves as managers of his quality know that they can get another job at another top club.
He pointed out that without the Spaniard, Wolves could have got relegated in the ongoing campaign.
The former Premier League star said on talkSPORT: “Managers like him, they know what they stand for and if a club promise them something and then don’t deliver, they will leave.
“He knows he will get another job anywhere else, a top job.
“If Wolves do not back him, I don’t blame him because he knows he needs players.
“[Ruben] Neves looks like he is going to leave so he knows that he is going to need reinforcements.
“It would be a big loss to Wolves.
“They would have got relegated this season if it wasn’t for him.”
It remains to be seen whether Wolves can offer the assurances Lopetegui needs to continue in his job.
