I worked in pet retail for around seven years, and have worked pretty closely with some very, very good dog trainers. I know that's not the greatest wealth of expertise in the world, but I'd strongly encourage you to not attempt to domesticate it.
The domesticated dog, Canis Lupus Familiaris, has been purpose-bred for obedience and (relative) submissiveness -- which is what makes them very good pets. The common Gray Wolf, Canis Lupus, does have very some very similar traits (in fact, the domesticated dog is a subspecies of it), which makes it indeed possible to train them into a somewhat domesticated animal. Unfortunately, wolves still have the instincts of a wild animal and can never be truly broken of these things unless they were completely raised within captivity. Attempting to keep it as a pet is literally playing Russian Roulette with your safety and those around you -- they can bite at any second, even if they appear completely harmless.
There's a breed of dog called the Czechoslovakian Wolfdog that's a by-product of Carpathian Wolves and the German Shepherd. The breed is recognized by the FCI, yet they still warn people against owning it unless they're "very experienced in dog behavior". That's how strong and deep those instincts go.
Just my personal, and somewhat informed, opinion: don't train it and let it be -- unless it's posing a risk to you.