Mick McCarthy wants to ensure he makes a profit on the £1.7m Wolves paid Brann Bergen for him three years ago.
Wolves chief executive Jez Moxey explained the club had met Olofinjana's wishes as part of an agreement made last summer and commended the way in which the player had conducted himself.
"At the time of signing a new contract with Seyi last year, we agreed that should the club miss out on promotion at the end of the 2007-08 season, we would circulate his name for transfer if that was what he wished," Moxey was quoted as saying in the Express and Star.
"As expected, Seyi has now made that request and we are therefore following through on our commitment. He has now been placed on the transfer list.
"As an experienced senior international player, who has not only served Wolves well but re-signed, instead of holding out to becoming a free agent this summer.
"He has given us the opportunity of recouping our financial investment in him to help us buy new players."
Olofinjana said: "If offers come in, a lot of things would have to happen for me to leave.
"But if it was down to money, I would have left Wolves long ago."




