Griffiths has been a big hit at the Scottish Premier League side after spending the last two campaigns on loan at Easter Road, bagging 25 goals this season.
The 22-year-old's performances for the club this term have seen him nominated for both the PFA Scotland Player of the Year and the Young Player of the Year awards.
He is out of contract at Wolves in the summer but manager Dean Saunders revealed this month the Championship club intends to exercise their option to extend his deal for another year and recall him for pre-season.
That has cast doubt over Griffiths' chances of returning to Hibs for next season but Stevenson hopes the Edinburgh-born striker will be tempted to stay - although accepts the striker could be tempted by a high-profile move if Wolves decide to sell.
He told the Daily Record: "Leigh loves the club - and that'll be a big factor when he's choosing where his future lies.
"He's enjoying it up here, he's obviously settled and he knows the city, having been brought up here.
"We've got a few things in our favour to hopefully keep him but if a big club comes in, you can't blame him."
Stevenson is hoping Griffiths will cement his success this season by scooping the PFA gong, adding: "I'd love him to get it - it would be good for him and for the club.
"I think he's deserved it. He's had a great season and scored 25 goals.
"It's a great tally especially when the team hasn't been scoring that many goals - he's pulled it out the bag for us a few times.
"It's not just his goals. He's a top player and he can link the game for us with other stuff."