Griffiths was recently named as the Scottish Football Writers' player of the year after scoring 28 goals for Hibs during his loan spell but is set to return to Molineux in the summer.
Fenlon is desperate to keep the 22-year-old Scotland international but admits he is also looking at other options for next season.
"I have spoken about Leigh's situation so many times," said Fenlon, quoted in the Daily Record. "We are looking to strengthen the squad over the summer in a number of positions.
"With Eoin Doyle going and, possibly Leigh too, we've been looking in that area for quite a while now and I'll continue to do that.
"We will only know how difficult it is to replace Leigh if we need to replace him. Maybe we can then answer that question at the end of next season.
"We're actively looking for players to add to our forward line, where we have two excellent young strikers under contract in Ross Caldwell and Danny Handling.
"But no matter what happens I know we need to bring strikers in."