"He's a great personality, has been one of the personalities of the last 10 years in Formula One, winning four titles and starting this hugely successful spell at Red Bull.
"It's disappointing for him to see that this dream at Ferrari is being discontinued, but it is what it is."
Wolff and Mercedes have been linked with Vettel, who could replace the out-of-contract Valtteri Bottas.
Wolff, though, is adamant he will bide his time before making a decision on his driver line-up for 2021.
"How the events panned out was fast and different because one must not forget there is still a full season to race," added Wolff.
"And you would rarely take decisions so early in the season because be it for Daniel at Renault, or Carlos at McLaren, or Sebastian at Ferrari, these guys will race the new kit, will see all the innovation, will need to be involved in the development of the vehicle and need to play their team part also in some of the competitions.
"So, yes, these decisions came about quicker than I would have done but it's interesting to watch, maybe there's something to learn."
GPFans is a multi-platform, multi-language brand dedicated to Formula One coverage. We bring you all the ins and outs of the sport, 24/7, everything from up-to-the-minute news and features to the latest viral stories and clips.
We believe that a new generation of exciting, outspoken drivers will make F1 more popular than ever before, and we want to give our users access to as much of their heroes as possible, on and off the track. From Lewis Hamilton to Max Verstappen, Daniel Ricciardo to Sebastian Vettel, we provide in-depth analysis of every every Grand Prix in the season, from Australia to Abu Dhabi.
With Formula One under the new ownership of Liberty Media, how the sport is being covered is evolving, and GPFans will look to be at the heart of this progression into new media, as one of the fastest-growing sites covering the king of motorsports.