Graham spent last season at Molineux having joined on loan from Reading.
He made two starts in the League Cup and came off the bench in two Championship games after Wayne was injured against Coventry and CrystalPalace.
Having moved to Plymouth last summer, he started the season as first choice and indeed was man of the match against Wolves on the opening day, making a string of fine saves in the 2-2 draw.
After six appearances he has since been unable to dislodge Romain Larrieu and went on loan to Blackpool as cover, not making an appearance.
Always regarded as a lively member of the Wolves' dressing room, Graham's influence behind the scenes and work alongside Wayne drew high praise from boss Mick McCarthy during his previous spell at Molineux.
Graham started his career with Arsenal - also playing against Wolves in the Gunners' 5-1 Carling Cup win of 2003 - and has since turned out for Millwall, Reading and Leeds.