The Emmerdale star has been near the top of the judges' scores throughout the series and won immunity in yesterday's semi-final thanks to his performances on the ice.
Wolfenden is currently the 4/7 odds-on favourite to win the series, while former favourite Jorgie Porter has drifted to 2/1 after ending up in last night's skate-off.
X Factor star Chico, who replaced Chesney Hawkes on the show following an injury, is the outsider for the title. However, the singer's odds have been slashed considerably following his semi-final routines and punters can now get odds of 6/1 on him at Ladbrokes.
"We're confident Wolfenden will walk away as the Ice King. If he doesn't win it will be one of the biggest upsets in reality TV history," said a Ladbrokes rep.
"We can't write off Chico, though, he caused a huge upset by making the final and punters have latched on to the underdog."
The Dancing on Ice final takes place on Sunday, March 25 on ITV1.
> 'Dancing on Ice' Wolfenden, Chico, Porter - who should win?
> Jennifer Ellison voted out of 'Dancing on Ice'