The 23-year-old moved to Florence last January on an 18-month loan deal but has not started a Serie A game this season.
Italian Cutrone will bolster Wolves' attacking options with no comeback date pencilled in for Raul Jimenez after the Mexican striker fractured his skull in November. Nuno Espirito Santo's side are 13th in the Premier League without a win in their last four league games.
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