Cutrone embarked on an 18-month loan deal with La Viola in January last year after failing to hold down a regular starting spot in Nuno Esperito Santo’s first team squad.
However, Wolves have been hit with a spate of injuries in attack in recent weeks, making it imperative for Cutrone’s loan at Fiorentina to be cut short.
The club’s leading striker Raul Jimenez is yet to return after suffering a clash of heads with David Luiz at the Emirates Stadium back in November. The 29-year-old Mexican international was later diagnosed with a fractured skull.
Daniel Podence has also been out since getting injured against Manchester United last week, leaving 18-year-old Portuguese striker Fabio Silva as their main target man.
Cutrone joined Wolves from AC Milan in the summer of 2019 for £16m but found the back of the net just three times in his 24 appearances across all competitions.
The 23-year-old’s loan spell with Fiorentina has not gone any better as he is yet to score in 13 appearances for Cesare Prandelli’s men this season.
Cutrone will go straight into the Wolves squad and could be available for their FA Cup clash with Crystal Palace on Friday night.
Cutrone has been capped once by the Italian national team.