Sylvan Ebanks-Blake is also fit to fight it out for a place with record signing Kevin Doyle and Andy Keogh while attacking wide player Michael Kightly is also available after a lengthy lay-off.
But Iwelumo is ready for the challenge and is confident Wolves have the strength in depth to compete in the Premier League.
Iwelumo said: "We have got players coming back like myself, Michael and Sylvan and it has been a long journey for all three of us.
"But there are a lot of quality players not even getting on the bench. It shows the quality we have got in depth so at some point this season everyone is going to be used.
"We are confident, we are in a good way at the moment and long may it continue.
"There is immense competition up front and that is what it is all about. Competition can only push you to get the best out of yourselves.
"I've never shirked away from it ever before and I won't do now. I'll do what I can to get myself in the side."
Ebanks-Blake scored his first top-flight goal when he converted a point-saving penalty against Villa.
Iwelumo said: "For a striker to get the first goal, is the hardest one to get and hopefully it will open the floodgates for Sylvan.
"He will take a lot from that and he will kick on from that."
Prem Relegation 2009/2010 Win Outright: Wolves 6/4