The Scottish forward scored 12 goals in just 26 Premier League starts for the Black Country outfit last term but could not help prevent their relegation from the Premier League.
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However, Wolves CEO Jez Moxey has called for an end to speculation over Fletcher's future and insists that the club will not sell players unless their valuation is met.
Moxey told the club's official website: "All parties need to draw a line under this matter, which has now dragged on for over a month.
"We need to focus on the season ahead and these disruptions to the squad's preparations are unhelpful. We have always said we want to keep our best players.
"If our valuations of them are not met then they will remain at Wolves but we cannot allow this speculation about their futures to drag on indefinitely up to the closure of the transfer window."
Fletcher joined Wolves from Burnley in 2010 and has scored 24 Premier League goals in just two seasons at Molineux.