Doncaster boss Sean O'Driscoll said: "To put Andy and Billy (Sharp) together again is something to consider.
"You talk to a lot of clubs about players without making a concrete offer and we have done that with Andy Keogh."
The 24-year-old Republic of Ireland international made 15 appearances for Wolves in the Premier League last season, but is thought to want regular first-team football.
"It will all depend on what Andy's situation is with Wolves. He knows a lot of our players and he is certainly someone who interests us."
Meanwhile, Sharp, who played alongside Keogh at Scunthorpe United, has spoken to his former strike partner about the possibility of the pair being reunited at the Keepmoat Stadium this season.
"Keogh is one of my good mates. He has mentioned it to me, he wants to play football like me and Doncaster are interested in him," said Sharp.
"I think if Mick McCarthy would let him go out on loan then he will come here. If he does come here then it would be a brilliant addition to the squad."