Lewis Hamilton came into the Abu Dhabi Grand Prix leading team-mate Nico Rosberg by 17 points, meaning a top-two finish would be enough to see the Brit clinch a second world title.
All the talk in the build-up to the race had been about the controversial double points system, which ultimately did not come into play as Rosberg suffered a power failure that saw him drop back through the field and finish outside the points in 14th.
Hamilton, meanwhile, drove to his 11th race win of the season, eventually finishing 67 points clear of the German in the overall standings.
Wolff expressed his sympathy for Rosberg, while declaring Mercedes' intention to enter contract negotiations with Hamilton.
"It's bitter sweet. Nico did not have a great start but he showed great sportsmanship," he told BBC Sport.
"He will have a lot of new fans. We have a world champion who deserved to be a world champion.
"Nico probably had the strongest team-mate you can have. Nico scored more qualifying points which was Lewis' discipline. We expect the battle to continue.
"We would like to sign Lewis up for a long time. He fits in so well with the team. When he wakes up tomorrow after a long night we will talk contracts."