There has been much speculation over who the Brackley-based team would like to see take over from the Brit, with a host of drivers being linked with a move.
Wolff has made no secret of his admiration of reigning world champion Max Verstappen, openly admitting he would love to bring the Dutchman on board, while Carlos Sainz - whom Hamilton will replace - has also caught the the eye.
Antonelli takes 'big step'
The Austrian has also refused to rule out a shock move for 17-year-old sensation Andrea Kimi Antonelli.
Already on the books as a Mercedes Junior Team member, Antonelli has impressed team bosses with his performances in F2.
The Italian demonstrated his undoubted potential at last weekend's British Grand Prix, comfortably clinching victory - his first in the sport - in Saturday's sprint race.
Speaking afterwards, Antonelli admitted he has found it challenging to deal with being under the spotlight, but is confident that he has what it takes to step up to the top tier of motorsport.
Wolff hopes his stunning win in the rain at Silverstone will prove to be a turning point for the young star, and is backing him to keep improving as he chases a future seat in F1.
"It was an important victory, I would say a turning point for him," said Wolff, as reported by La Gazzetta dello Sport.
"He literally dominated and he's not even 18 years old - he was a second faster than the others and he was always in control until that last corner.
"Kimi made a big step today and I'm sure he will do great things in Formula 1."