The 25-year-old spent the second half of the season on loan at Molineux, and scored six goals in 16 appearances, nine of which came from the bench.
Wolves' promotion into the top flight is expected to be accompanied by some strong signings as a result of their impressive spending power. However, their first arrival of the summer is looking to be of a man who has already spent the last few months with the club.
Afobe was brought into the fold as rotational backup, intended to put some competition in against the high flying likes of Ivan Cavaleiro, Diogo Jota and Leo Bonatini, and it appears that he impressed managed Nuno Espirito Santo enough to warrant a permanent spot in the club.
According to Sky Sports, Wolves will activate the £12.5m option to buy clause in their deal with Bournemouth, and Afobe is expected to remain with the club as they embark on their journey back to the Premier League.
Having made light work of England's second tier last season, the club are expected to do well in the coming season, especially if they use the resources that Jorge Mendes has to offer over the course of the summer transfer market.
Linked with all sorts of players, from Lukasz Fabianski to Andre Silva, Afobe's arrival could simply be the start of a flurry of arrivals heading towards the Black Country during this closed season.