Wolverhampton Council’s top boss Tim Johnson said he wanted to replace the underpass, which has been used by Wolves fans for decades and was given a makeover to mark the club's return to the Premier League last year.
Council chiefs are keen to improve links between the ground and the city centre and create a more attractive and welcoming journey for supporters.
Mr Johnson’s comments suggest long-scrapped plans for a bridge running over the ring road could be revisited.
It is thought any changes concerning the subway would be tied in with the wider redevelopment of Molineux, which could start next year and eventually result in the stadium’s capacity increasing to about 50,000.
Asked about the redevelopment of Molineux and the surrounding area, the council’s chief executive said: “The ring road detaches it and the horrible subway. We want to get rid of it and connect back into the city. We want to create a much more coherent area.”
Mr Johnson said he had never been fond of the subway, which allows pedestrians to travel from the top of Molineux Street into the city centre.
He added: "One of my first experiences of Wolverhampton was as a 14-year-old Everton supporter in that subway."
Improving links between city centre and Molineux have been mooted for years.
Designs for a ring road bridge were revealed in 2010 but ditched as Steve Morgan's planned redevelopment of the ground came to a halt.
But with Wolves' current success on the pitch meaning Molineux is regularly sold out, Chinese owners Fosun are keen to begin a rebuild as quickly as possible.
Images of how a rebuilt Molineux could were released earlier this year.
The ageing Steve Bull stand would be the first to be redeveloped and an expansion of the South Bank could follow in 2022.