Waghorn last month linked up with the Lions on a 93-day loan and he has been an instant hit at The Den, with Millwall manager Steve Lomas describing him as "a breath of fresh air".
The 23-year-old scored on his debut against Derby and netted his second goal for the club against Bournemouth last weekend.
Lomas is determined to convince Waghorn that his long-term future lies in south London when the transfer window opens again in the new year.
"Hopefully we can get Waggy signed up and he can stay," Lomas told the South London Press.
"He's only 23 and I feel he can really kick on by playing regularly with us.
"Ideally you want to bring in players who are in their mid-20s because they've got a long lifespan with you. You don't want to take a short-term view to all of your transfers, you want to look further ahead, even though that's not always possible.
"Waggy has realised what the fans are all about here and if he gives it everything, they'll love him. If he gives it everything and he scores goals, they'll love him even more.
"He has done well and there is more to come from him. He's had a year-and-a-half where he has barely played football, so I think he can get fitter and sharper as well. He can play up front and out wide, so that's a bonus for us. He's a flexible forward.
"He is a good lad, he's hungry, he wants to learn and he wants to get better. That's the type of player we want here. He's been a breath of fresh air to be honest."
Waghorn will be out of contract next summer and free to talk to other clubs in January.
Millwall's Sky Bet Championship rivals Blackburn and Barnsley, as well as Wolves in League One, have previously expressed an interest in signing the former England Under-21 international.