Short Answer: Yes.
The SRD tells us this
The ready action lets you prepare to take an action later, after your
turn is over but before your next one has begun. Readying is a
standard action. It does not provoke an attack of opportunity (though
the action that you ready might do so).
Readying an Action
You can ready a standard action, a move action, a swift action, or a
free action. To do so, specify the action you will take and the
conditions under which you will take it. Then, anytime before your
next action, you may take the readied action in response to that
condition. The action occurs just before the action that triggers it.
If the triggered action is part of another character's activities, you
interrupt the other character. Assuming he is still capable of doing
so, he continues his actions once you complete your readied action.
Your initiative result changes. For the rest of the encounter, your
initiative result is the count on which you took the readied action,
and you act immediately ahead of the character whose action triggered
your readied action.
You can take a 5-foot step as part of your readied action, but only if
you don't otherwise move any distance during the round.
Emphasis mine ^^.
In your example the Wolf used a Move Action to move, you interrupt his movement and move yourself, he then can resume moving, using up all his movement distance left of not.
Then he continues his round as normal
A more specific example of a character interrupting another with a Ready Action is Distracting a Spellcaster:
You can ready an attack against a spellcaster with the trigger "if she
starts casting a spell." If you damage the spellcaster, she may lose
the spell she was trying to cast (as determined by her Spellcraft