The forward spent the second-half of the previous campaign on loan at Newport County where he made 10 appearances.
The 21-year-old joined Wolves’ academy in 2016 and had been a regular in Scott Sellars’ Under-23s side prior to his move in January.
During his time at Wolves, Collins has also had loan spells at Tranmere Rovers, Notts County and Maidstone United.
Everyone at Wolves wishes Aaron all the best for the 2018/19 season.