Wolves were being looked at by the league over the close bond between their owners Fosun and the Portuguese agent.
After a comprehensive review they have decided that there is no need for Mendes to take the owners' and directors' test.
Wolves have cruised to the Championship title this season, spearheaded by Ruben Neves and Diego Jota, two of Mendes' clients.
He also acts as the agent for Wolves' manager, Nuno Espiritu Santo and is a well known face in European football.
He made his name in his native Portugal and still sources many of his clients from there, including Cristiano Ronaldo and Jose Mourinho who are still on his books.