I am pretty sure it is random. This is my 2nd time on NG+ and have yet to find it. Wish I can remember where I found it. But if I do find it again, I will let you know where I found it. Trying to remember where, and I keep on thinking it was in one of the many "?" in Skellige. But again, I'm not sure.
I found the Wolf sword (all black, named Wolf - not Wolven Gear) as a level 7 drop in White Orchard. 90% it was in the Sunken Treasure in the river.
I found the next Wolf sword, Level 23 (IIRC), in a Smuggler's Cache in Skellige. Fairly sure it was the extreme SW one that shows a boat icon on the map in the center bay of the Atoll (but when you arrive it's a longship, not a boat you can board). I remember because a chest on the Atoll proper had one of my missing basic oils (vampire oil)
I will look at some of my savegames too see if I can verify those recollections.
I found the next Wolf sword, Level 23 (IIRC), in a Smuggler's Cache in Skellige. Fairly sure it was the extreme SW one that shows a boat icon on the map in the center bay of the Atoll (but when you arrive it's a longship, not a boat you can board). I remember because a chest on the Atoll proper had one of my missing basic oils (vampire oil)
I will look at some of my savegames too see if I can verify those recollections.
Must be random, I am past White Orchard & no Wolf sword. I'm on NG+
I think there's a fixed location for Wolf sword. I found it in the Casino at the top floor in the chest (where Whoreson Junior quest takes place), saved the game picked it up to check the stats, reload the save, left it and came back after levelling up to like lvl 65 to get it with better stats - it was still there.