Feel blessed with the opportunity of seeing it. Watch it silently.
If day and camera is handy, slowly get it and take picture.
Continue watching it.
After a while emulate playful behavior, depending on tempermant, may be able to get it to come over. Most likely it will run away.
Have fought 70lb dogs before with bare hands, 2 at a time with only minor abrasions and non-scarring bites. Regularly wrestle with my dogs, to the point of bruises and cuts (You play with an animal rough, its going to happen). Break up dog fights bare handed when they get too rough and blood starts. Have faced down, calmed down, and pacified 100lb+ guard dogs in rough neigborhoods because I refused to be intimidated going to work in the morning, and being visciously barked at every day pisses me off.
This board's fear of wolves is irrational. The only time you have to worry about them is if they are badly starved or rabid and this is very rare.
The other times, people are acting stupid around them, they get aggressive or defensive because your acting threatening and weird.
http://en.wikipedia.org/wiki/Wolf_attacks_on_humans99% of the animal attacks I've witnessed on people were because the person concerned was acting like a fucking retard around the animal. Getting attacked by horses. Goats. Cows. Bears. Deer. Moose. Lions. Shit, you should be able to walk through a field with a bull in it no problem, but there is always that one guy who has to act skittish and odd and the bull goes for him as a result.
Act like prey and animals will respond accordingly.