The 30-year-old joined the Toffees on a season-long loan last summer, while the Merseyside club had an option to buy him permanently for £4.5million.
Coady played regularly in the early parts of the season but was used sparingly once Sean Dyche came in – although he did play on the final day of the season as Everton escaped relegation.
The club captain was dropped by Bruno Lage at the start of the season, which prompted the defender to chase a move for more game time, but he will now return to Wolves and is set to join the rest of the team for pre-season in July.
Coady is well respected at Wolves and could yet be given an opportunity under Julen Lopetegui, who may take a look at the defender in pre-season.
As it stands, however, Coady's future at Wolves is in the balance, but he is still under contract for two more years until 2025.
On the other hand, some newly promoted clubs could be interested in taking Coady, as Wolves are well stocked at centre-back.
Sheffield United are reportedly interested, and Coady would be a good fit as they play a back five and the defender previously spent a season on loan at Bramall Lane when he was a Liverpool player.
Former Wolves player and coach Rob Edwards could also be interested in taking Coady to Luton Town, after they secured promotion through the play-offs.