Mendes also has a long association with Wolves owner Fosun International, a Chinese conglomerate, and advised Fosun on the purchase of the club.
Football Association rules on the relationship between clubs and agents prohibit club owners from holding a stake larger than five percent in an agency, while agents, or 'intermediaries', cannot exert a 'material influence' over a club.
After discussions with the management of Wolves, the EFL said it was satisfied that Mendes held no role at the club and could not be categorised as a 'Relevant Person' as defined by league regulations.
Under league rules, a 'Relevant Person' is defined as an individual with powers akin to those of a director of a company, including all individuals who have control over a club's affairs.
"Following a comprehensive review of the detail subsequently provided by (Wolves), it has been determined that Mr Mendes holds no role at the club and, as such should not be categorised as a 'Relevant Person' as defined by League regulations," the EFL said in a statement.
"On this basis there is no requirement for him to submit to the Owners' and Directors' Test."
(Reporting by Simon Jennings in Bengaluru; Editing by Toby Davis)
