The singer-songwriter, who has played live with Smith on several occasions in recent years, revealed on Twitter that he had heard the unreleased and as-yet untitled record.
"Just had a first listen of the new patti smith album in electric lady studios + moved to tears," Wolf said. "Its going to be a classic! Goodbye NYC xx PW ."
Wolf did not confirm whether or not he performed on the record, which will be Smith's first new album release since 2007's covers collection Twelve.
Earlier this month, Smith revealed that she had written a song about Amy Winehouse for the upcoming release.
"We wrote a very nice little song for Amy Winehouse, and I think a beautiful song for Maria Schneider, the actress who was a friend of mine in the '70s," Smith said.
"They just happened, like gifts... The little song for Amy just blossomed in the studio."
In 2010, Smith published her award-winning memoir Just Kids and last year she released the career-spanning compilation album Outside Society.
Watch Patti Smith performing with Patrick Wolf and Lenny Kaye at last year's Hop Farm Festival below: