"We have been delighted with Glenn and the work he has done with the squad since he joined us in December," Wolves chairman Jez Moxey told the clubs official website.
"This contract provides for Glenn to be here indefinitely and gives both parties security.
"The issue of player contracts has already been discussed and we will continue to look at the finer detail and hold talks with the players and their agents very soon. And the pre-season schedule has already been planned."