Before we get started on this one, I need to tell you that the interpretation of 'wolf' is a Roman one; The romans translated Ptolemy's work from Greek to Latin, and translated the constellation named 'Therion' as 'wolf', instead of the more general 'beast' or 'animal'. As such, the constellation did not actually represent a wolf until Roman times, but we are stuck with the Roman names, so I went with 'wolf' for the post's title.

The stars of the constellation Lupus were once considered to be part of the constellation Centaurus, where they represented an animal being impaled on a pole by the centaur, who was holding it toward the constellation Ara, the altar, as though he were about to sacrifice it. The Hellenic astronomer Hipparch separated the constellation from Centaurus and named it Therion in the second century BC.


Because the separation came so late, many references to Lupus are in connection to Centaurus and Ara. Aratos, for example, in his 'Phaenomena':

"The constellation of Centaur [Centaurus] thou wilt find beneath two others. For part in human form lies beneath Scorpio, but the rest, a horse’s trunk and tail, are beneath the Claws. He ever seems to stretch his right hand towards the round Altar, but though his hand is drawn and firmly grasped another sign – the Beast [Fera], for so men of old have named it." [436]

Hyginus, in his 'Astronomica' echoes this, linking Lupus to the constellation Centaurus. In his version, the Centaur holding out a sacrifice is either Kheiron or Pholus; Kheiron because he dropped a poisoned arrow on his foot and perished, and Pholus for his Gods-given powers of divination:

"When Hercules was once visiting Chiron, and while sitting with him was examining his arrows, one of them is said to have fallen on the foot of Chiron, and thus brought about his death. Others say that when the Centaur wondered at his being able to kill such huge creatures as Centauri with such slight arrows, he himself tried to draw the bow, and the arrow, slipping from his hand, fell on his foot. For this reason Jupiter [Zeus], pitying him, put him among the constellations with a victim which he seems to hold above the altar for sacrifice. Others have said that he is Pholus the Centaurus, who was more skilled in augury that the rest. Consequently, by the will of Jove [Zeus], he was represented coming to the altar with a victim." [II.38]
 
The constellation Lupus is a minor constellation, and in ancient writings, you won't be able to connect it to the wolf at all, especially because wolves--if they ever ended up being sacrificed on an altar at all--would most likely only be sacrificed in cult worship. It was not a regular sacrificial animal, but may have been a part of the worship of Gods with the 'Lykaion' epithet--like Zeus and Apollon.

The constellation is visible at latitudes between +35° and −90°, and best visible at 21:00 (9 p.m.) during the month of June.