The seven-time Formula 1 champion will join the Italian giants in 2025, with speculation over who will take his place having been a constant talking point throughout this season.
Wolff has made no secret of the fact that he wants to recruit the best available driver to partner George Russell, with defending champion Max Verstappen very much in his thinking.
The Dutchman has often cut a frustrated figure at Red Bull in 2024, and with a number of significant changes going on behind the scenes, is believed to be assessing his options.
Wolff has already expressed his desire to lure the three-time champion to Mercedes, something which has been the source of great frustration for his Red Bull counterpart Christian Horner.
It would now appear, however, that the Brackley-based outfit are set to go in another direction by signing one of their talented prospects from within the team, Andrea Kimi Antonelli.
Antonelli in line to fill Hamilton void
The Italian has been tipped for big things in F1, and recently celebrated his first victory in the second tier at the Hungarian Grand Prix.
Despite being just 17, Antonelli is primed to be given the opportunity to fill the void soon to be left by Hamilton.
Speaking to Autosportwereld.com, Wolff said: "The criteria for our next driver are simple: we want the best driver available. At the moment, my first option is Kimi Antonelli.
"Of course there are risks. They are not so much in his talent as a driver, but Antonelli would be exposed to the media and to the skills of George Russell, one of the best drivers on the grid.
"But Kimi has enormous potential. His speed and talent are already at a certain level, he just lacks the experience.
"An alternative scenario is of course Verstappen, but at the moment that doesn't seem realistic to me.
"Other drivers would sign a one-or-two-year contract, which is not enough for us, so I'm happy to take a risk on Antonelli, because it is a calculated risk.
"If you look at the progress of [Oscar] Piastri, it took him a year and a half to compete for victory at the level or team-mate Lando Norris - we want to try to do the same with Kimi."