But it won’t be at the expense of the search for six points from the last two games of the Championship campaign.
Wells is on 18 goals as Wagner’s 16th-placed side prepare for Saturday’s trip to Bristol City.
The final game is at home to Brentford on Saturday, May 7, with a 12.30 kick-off for all second-tier games.
Only one other Town player has reached the 20-goal mark in the last 10 years.
Jordan Rhodes did it in 2011-12 (40 goals), 2010-11 (22) and 2009-10 (23).
The last Town man to top 20 in a Championship campaign was Marcus Stewart, who netted 26 times in 1998-99.
Wells – who made his 100th Championship appearance for Town in the 1-1 draw with Birmingham City – was on target last time he went to Bristol City, with Bradford City for a 2-2 League I draw in 2013-14, the season he joined Town for £1.3m.
The club-record signing and Bermuda international has notched 39 Town goals in all.
And Wagner said of the 25-year-old: “Nobody is allowed to expect 20 goals a season from a Huddersfield Town player.
“We have to be realistic - with a club in the position we are in, such a mark would be unbelievable.
“We will not be focused on his goals, but we know his target and will try to help him.
“And regardless of his final total, he has done a very good job for us.”
Bristol City also have an 18-goal striker in Frenchman Jonathan Kodjia.
The £2m close-season signing from Angers was on target as the Robins won 2-1 at the John Smith’s Stadium in December.