The Championship side are expecting to be without the winger for at least nine months.
Jordan Graham has explained how grateful he is that Wolves still awarded him a new contract even after he sustained an injury which is set to keep him out for the majority of the year, the Birmingham Mail reports.
The 20-year-old sustained a cruciate knee ligament injury during the club's defeat to Cardiff in January, and BBC Sport reports that he is set to miss the next nine months at least.
And with contract talks still unresolved when he picked up the injury, Graham has expressed his delight that the Championship side were still willing to agree a new deal - which will keep him at the club until 2018 (via BBC Sport) - despite the fact that he will be stuck on the sidelines for a considerable amount of time.
"It was kind of strange because before the Cardiff game I knew we were close to getting a contract sorted," he told the Mail.
"Then the injury came and I was thinking that everything would be different and I wasn't sure what was going to happen.
"But the club have shown a lot of belief in me and told me they think I am going to be fine.
"They have put their trust in me and now I have to repay them. I have to come back the same player, if not better than before."
Despite the long-term injury, it is hardly a surprise that Kenny Jackett wanted to get the former Aston Villa man to commit his future to Molineux.
Graham had shown some glimpses of incredible quality this season, and has given many opposition defenders plenty of headaches with his trickery and ability to put in sensational crosses. That led to the wide man bagging five assists this season, which makes him the club's most productive player in that department.
And Jackett will clearly be hoping that his long spell out has little impact on his ability to change games, and in fact, makes the youngster all the more determined to make up for lost time upon his return.