Wolfenden is one of the bookmakers' favourites to win the reality series, but is facing competition from Jorgie Porter and X Factor's Chico.
According to the Daily Star, the soap actor is planning to take on the challenge of becoming only the show's second man ever to complete the move.
The headbanger involves the male dancer swinging their partner from their ankles and usually features their partner's head being swung only inches away from the ice.
Jorgie Porter became the latest female to take on the headbanger with her partner Matt Evers earlier in the series.
2011 Dancing on Ice champion Sam Attwater became the first male celebrity to complete the move with pro Brianne Delcourt during last year's series.
Dancing on Ice continues this Sunday on ITV1.
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Watch a performance from Matthew Wolfenden on Dancing on Ice below: