The 23-year-old, who was at one point thought to have no future at Molineux, has returned to bolster the striking ranks after Raul Jimenez's injury.
Cutrone, having joined Wolves in the summer of 2019 from AC Milan for £16million, was sent to Fiorentina last January on an 18-month loan with a view to a permanent deal after failing to settle in England.
However, amid suggestions of his move to the Serie A side becoming permanent upon making a certain number of starts, he endured a frustrating time with La Viola.
In the end, he made 34 appearances – most of those coming as a substitute – and scored four goals.
Cutrone, who quickly became a Wolves fans' favourite, will now hope to build on his two Premier League goals in gold and black.
The club have confirmed that he will 'link back up' with Nuno's squad, who face Crystal Palace in the FA Cup tomorrow night (7.45pm).