Kenny Jackett's men are currently 10 points adrift of the Championship's top six.
Wolves currently find themselves 11th in the division, but sit 10 points adrift of the top six. Nevertheless, Saville believes that a good run of form would see the club put themselves right in the promotion picture.
"You never know what will happen this season - you can't write it off," he told the Mail.
"There is a gap there but in this league three or four wins in a row can really make a difference."
Although the club enjoyed an excellent run of form around the turn of the year - winning four consecutive games in the league - their more recent run suggests that they have plenty of work to do if they hope to keep themselves in the mix.
They are without a win in four games, taking just three points along the way. However, with the club's next three games seeing them come up against sides currently below them in the table, Jackett will know that ending that winless run is essential if they are to stand any chance of moving up the table, especially as following their next three games, they face promotion chasers Middlesbrough and Derby.