The 30-year-old's current contract expires at the end of this month but Wolves supremo Jexz Moxey has confirmed that a new one year deal has been offered to the player.
"A new offer has been made to Mark Kennedy," chief executive Moxey told the club's official website.
"He is currently considering his options but he wants to get his future resolved.
"Hopefully that might be done over the next fortnight."