Hamilton's contract with Mercedes runs out after this season, and the team and driver have yet to settle on an agreement to extend it.
While there had been some hope of the matter quickly getting sorted over last winter, the discussions have been put on hold until Wolff and Hamilton can set aside a suitable time for talks to take place.
But with no firm commitment from Hamilton about his plans for 2024, Mercedes could be exposed to having no suitable replacement available if the seven-time world champion makes a late call to not continue.
Mercedes wants Hamilton to commit to a fresh deal, but Wolff has insisted that he is so relaxed about the situation that he was not even thinking about any fallback options.
Speaking exclusively to Autosport about the Hamilton situation, Wolff said: "I think it may sound naive, but I really struggle to think of a Plan B, if my Plan A is still the one that is my favourite.
"I don't want to engage in discussions with other drivers, because I'm happy with the ones that are in the team, that's for sure. At the moment, there is no Plan B. It's Lewis."
While Wolff acknowledged that it would not be ideal if Mercedes had to scramble around for a new driver later this year if Hamilton did elect to quit, he was confident such a late call would not happen.
"I think that he would tell us early enough," added Wolff. "I don't think that Lewis would say: 'I can't do this anymore. I'm out of here tomorrow.'
"He would always feel the responsibility for the team. He wouldn't leave the team alone. Drivers can always take decisions [like that], but he wouldn't let us down.
"But then, I think if you believe that you're a team that is attractive for others, you will find solutions."
While Hamilton has not had the start to the season that he would have liked, he said his mindset was one of sticking around in F1 for a few more years.
Speaking at the Saudi Arabian Grand Prix, he said: "I love this team, I'm so grateful for everyone that's been on the journey with me with this team.
"I don't envisage being anywhere else, and I don't see myself quitting, I don't feel like I'm a quitter.
"But I wouldn't say that it's giving me a lot. You know, I've been there and done that, bought the T-shirt many times!
"But I am trying to be patient and work with the team to get us to a good place. And that's all I can say right now. I'm not going anywhere else."
