The versatile Blues star joined Wolves on loan during the 2008/09 promotion season and has spent the whole of the current campaign at Molineux too.
The 22-year-old, who is currently excelling as a holding midfielder, is unsure yet whether Chelsea will be looking to loan him out again next term.
But if so, the England Under-21 international has indicated he would be glad to spend a third loan stint with Wolves, who need one more win from their last three games to be sure of Premier League survival.
"I want to do the best I can for Wolves to get them safe and then concentrate on where I'm going to be next season," Mancienne told the Express & Star.
"But if I was to come on loan again, Wolves would definitely be in my thoughts. I'm not 100 per cent sure what's happening next season - I've just got to take it as it comes.
"But I'm enjoying it here at Wolves - I get along with all the boys and we're all roughly the same age. There are no bad eggs in the camp."
Mancienne even earned a call-up to Fabio Capello's England squad while in the Championship with Wolves in November 2008 - and he believes his time under Mick McCarthy has done wonders for his development.
"I've definitely progressed as a player," he added. "Playing week-in, week-out has helped me mature as a player because I'm playing against top quality players in the Premier League - that can only be good for my game because it helps me learn."
McCarthy is doubtful whether Mancienne can establish himself in the Chelsea first team but would be happy to have his services at his disposal once more.
"I've had the discussion with Michael about trying to be a Premier League winner and a Champions League winner playing in the position he does for us and I don't think that's going to happen," he said. "But that's up to Chelsea.
"Does he go back to being a squad member or do they want to allow him further education playing in the league?
"I don't know the answer because I've not had those discussions with Chelsea. When they feel the time is right and they talk to me, then I'll find out."