The Tigers boss has targeted the 28-year-old as one of his main summer transfer targets after his side were promoted to the Premier League for the first time in their history.
The Nigeria international joined Wolves from Norwegian side SK Brann in 2004 for £1.7million and went on to make 135 appearances for Mick McCarthy's men, scoring 16 goals.
"We'll be tabling a bid a bid for Olofinjana in the near future," Brown told the Wolverhampton Express & Star.
"We have spoken to Mick McCarthy on a couple of occasions so we know what Mick's valuation of the player is."