Scottish centre-back Berra, who arrived at the Molineux from Hearts in 2009, helped Wolves to the Championship title that year before impressing in the
Premier League last season.
The 25-year-old has three years left on his existing contract, and is keen to continue working hard for the club.
Trotters boss Owen Coyle is believed to be keeping tabs on Berra as talk of a big-money bid from Arsenal for Gary Cahill refuses to go away.
Berra, however, is enjoying life under Mick McCarthy and told the Birmingham Mail: "I came here to play in the Premier League and I'm doing that just now and am enjoying it.
"It's a good place to be, it's a great club with big support. We've got a lot of plans for the future.
"A lot of people talk about second-season syndrome, which is true, but I think we've got the squad and the desire to stay in this league for another year and keep on building.
"That will earn more money, we'll be able to pay bigger wages and attract the players to hopefully make Wolves a regular fixture in the Premier League."
Berra believes the club will wait at least 12 months before calling him in for talks on a new deal.
"I've got three years left. If I work hard this season and prove myself again then, with two years left on my contract, that's maybe when something might happen,'' he added.
"If they are going to sell you, that's when they get the better money for you. With just a year left they won't get as much.
"As for improving terms, that's down to the club and really down to me with performances on the pitch. But it is nothing that I am really thinking about just now.
"I'm concentrating on the football. I am my own biggest critic. I want to go out in every game and do well and if I make one bad pass I punish myself for it.
"I just want to keep improving and keep Wolves in the Premier League and hopefully I can be in that starting 11 come August 14th."