The midfielder, 25, spent a week training with Wanderers in the run-up to the close of the summer transfer window but a move to Molineux failed to materialise.
Yet Ephraim has not given up hope of a deal now the loan window has reopened, with his last outing for Rangers coming 19 months ago.
"I went up there for a couple of days, spoke to the manager and it went well. It could happen," he told the Fulham & Hammersmith Chronicle.
"It was a move I was hoping would happen before but for whatever reason it didn't go ahead in time.
"I'm waiting to hear whether it'll still happen and I'd be really pleased if it does.
"To go to a club like Wolves and play for a manager who trusts me appeals to me a lot.
"From my point of view it's just really disappointing not to be involved. I have a lot of feelings for QPR but, let's be honest, I'm coming towards the end of my time there."
Wolves head coach Kenny Jackett admits he is not looking to do any business at this moment in time, preferring to work with the players already at his disposal, but he has left the door open for a possible move for Ephraim.