The Midlands outfit's place in the top flight was confirmed at the weekend when Fulham were held to a 1-1 draw by Brentford, and the businessman has revealed that the Wolves hierarchy is already drawing up plans for next season.
"This is just the first step. We have a long-term plan and we have to fulfil that step by step," BBC Sport quotes Shi as saying.
Wolves managing director Laurie Dalrymple has echoed Shi's sentiments, insisting that the club intends to compete at top-flight level.
"We don't just want to be one of the 20 teams that is there to make up the numbers. There shouldn't be any limits to what we can achieve as a club," he said.
Wolves closed in on the Championship title when they defeated Birmingham City 2-0 at the weekend.