Coady fell out of favour with Wolves previous boss, Bruno Lage, last season and joined Everton on a season-long loan.
He managed to establish himself as a regular starter under Frank Lampard but made only six appearances after Sean Dyche came in.
The 30-year-old centre-back had a £4.5m option to buy clause in his loan contract, which Everton decided against triggering.
He is now set to return to Molineux in the summer and the player has two years left on his Wolves contract.
Coady is well respected in the Wolves hierarchy and it has been suggested that Julen Lopetegui will take a look at him in the pre-season before making any decision.
It has also been claimed that the central defender is likely to have suitors amongst the newly promoted Premier League sides.
The central defender has no shortage of admirers and his former club Sheffield United have shown interest in him, while Luton Town could be another potential destination.