The Athletic reports Wolves have made a formal submission calling to abolish VAR, which will set off a league-wide vote on the matter at next month's Annual General Meeting.
A statement from Wolves said the move comes "after careful consideration and with the utmost respect for the Premier League, (referees body) PGMOL and our fellow competitors.
"There is no blame to be placed - we are all just looking for the best possible outcome for football – and all stakeholders have been working hard to try and make the introduction of additional technology a success.
"However, after five seasons of VAR in the Premier League, it is time for a constructive and critical debate on its future.
"Our position is that the price we are paying for a small increase in accuracy is at odds with the spirit of our game, and as a result we should remove it from the 2024/25 season onwards."
A Premier League spokesperson said: "The Premier League can confirm it will facilitate a discussion on VAR with our clubs at the annual general meeting next month.
"Clubs are entitled to put forward proposals at shareholders' meetings and we acknowledge the concerns and issues around the use of VAR.
"However, the league fully supports the use of VAR and remains committed, alongside PGMOL, to make continued improvements to the system for the benefit of the game and fans."
For the motion to pass, a two-thirds majority (14-6) will be required during the vote.
VAR has been used in the Premier League since 2019 but has seen it be involved in a host of high-profile incidents - particularly over the past nine months.
Liverpool's Luis Diaz saw a goal wrongly disallowed for offside against Tottenham in September, while Arsenal manager Mikel Arteta hit out at the system when Anthony Gordon's winning Newcastle goal was allowed to stand in November.
Wolves themselves have been on the receiving end of a number of controversial decisions, while Nottingham Forest have complained to the PGMOL while questioning the integrity of Stuart Attwell following their defeat to Everton last month.
