Matt Doherty has targeted FA Cup glory and believes Wolves have no excuses not to go for the trophy.
The defender scored twice in Tuesday's 3-2 fourth round replay win over Shrewsbury to book a fifth round tie at Bristol City.
Just seven Premier League sides remain in the competition and, with Chelsea also hosting Manchester United in the next round, another will drop out.
Four-time winners Wolves have not lifted the Cup since 1960 but six-goal Doherty feels they should aim to end the drought.
He said: "Considering we are seventh in the league now and there are not many Premier League teams left we have got to look at it and back ourselves to go and win a trophy.
"If we beat Bristol now we are not far away from Wembley. It will be one more after that.
"So it has opened up for us if we can play well and get into the later rounds who knows what can happen.
"It is important to us."
Doherty's first-half double cancelled out goals from James Bolton and Josh Laurent which had put Shrewsbury 2-1 ahead.
Ivan Cavaleiro struck a second-half winner at Molineux with Wolves now chasing Europe via the Premier League and progressing in the Cup.
"Everything is going maybe better than everyone expected at the moment," said Ireland international Doherty.
"But we are where we should be in terms of the quality of player and the players we have.
"I wouldn't say we are overachieving on that front.
"Other people might be surprised at the way we play and the type of football we played and confidence is really high.
"In the changing room it is not a shock – we know the system and know each other and how good some of the lads can be at times.
"Everything is going in the right direction and we have to make sure we finish the season off really well and see how far we can get in the Cup."
The squad have now flown out for a training camp in Marbella until Sunday ahead of Monday's visit of Newcastle.
"We have a game next Monday so it is not as if we have a big break or anything like that," Doherty added.
"We will go away for a few days and I am sure we will be training over there. I am taking my clubs so hopefully we will play some golf.
"I am assuming we will be able to play. When we went last year everyone brought them as well.
"It is only for a few days. It will be nice and relaxed but when we train we will train properly."