Wolves enjoyed a superb maiden season back in the top flight last time out, Nuno Espirito Santo steering the Molineux side to seventh in the table, as well as the semi-finals of the FA Cup.
This time out, Wolves struggled initially with the extra workload from their Europa League campaign, but have since turned things round and are now doing well in the league and Europe.
At present, Wolves are ninth in the Premier League table, but just six points behind fourth-placed Chelsea, as well as in the knockout stages of the Europa League.
Nicholas previewed the Molineux side's upcoming meeting with Leicester City - predicting a 3-2 home win - and also spoke about how he thinks "one of the best sides in the Premier League" will fare come May - namely into the top four.
"I see Wolves as one of the best sides in the Premier League," Nicholas told Sky Sports. "They are hard to beat, they like to play against the big boys in the league and have the credibility against those top sides.
"I am a big fan of Nuno Espirito Santo, and when I look at how the Premier League is adapting, has it been as good as last season? Most will probably think not.
"Wolves are still in the Europa League, while being in a nice position where they can go within a few points of the top four if they win their game in hand. Overall, I am just favouring Wolves to sneak into those positions."
Wolves are unbeaten in two games against Leicester, a 0-0 draw in the Premier League reverse fixture this season at the King Power Stadium and a 4-3 win, also in the league, in January 2019 (11v11).
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