The Wolves look set to stay without star playmaker Diego, who is nearing the return to Atletico Madrid and they believe De Bruyne would be a perfect replacement.
Wolfsburg will attempt to purchase the midfielder outright in January, but if Chelsea refuse such an arrangement, they are also prepared to take him on a six-month loan.
Kevin De Bruyne has largely impressed during the loan spell at Werder Bremen last season, but he has struggled to get some playing time since returning to Stamford Bridge.
Seeing that the 22-year-old is keen to keep his place in the national team ahead of the 2014 World Cup in Brazil, he will probably jump at the opportunity to leave the Blues in January.
Having had a pretty poor start to the league campaign, his current side are no less than 13/5 to lift the Premier League title this term.