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Correction
To the contrary, the Slavic word for wolf is Varg.

Volk is the Slavic word for "people". It actually means the same thing in German. Our English derivative is the common word "folk". A related name is Volker.
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I am sure that the russian surname VOLKOV or WOLKOFF is derived from the word VOLK that means WOLF. I am not sure about the bulgarian language, quite similar, but I promise you to look in a dictionary.
Probably the word have the same meaning "wolf". People in slavic language is "liudy" or something that begins with "L".
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