The Express & Star says Wolves could be involved in a tug of war with Wigan £2.5million-rated Scunthorpe striker Hooper- if talks for £7million-rated Steven Fletcher fail.
Iron chairman Steve Wharton has rejected several bids for 22-year-old Hooper but Celtic, who have watched him, have not made an offer.
Nonetheless, interest from Middlesbrough is expected to force the Premier League duo into firming up offers.
Scunthorpe have turned down several bids and are likely to be looking for a club record fee of more than £2million, for a player they paid £175,000 for from Southend in 2008.
Wharton said: “There are four or five clubs showing an interest in Gary. We’ve had some bids, but these have been turned down.
“If someone comes in with an offer we can’t refuse, providing it’s a club Gary wants to go to, something might happen.
“I’m not resigned to losing Gary this summer – but I wouldn’t be surprised if a transfer does happen.”
Wolves, who were pipped by Wigan for James McCarthy last July, want a striker after missing out on Aruna Dindane and are in talks with Fletcher but are long-term watchers of Hooper, who has a close friend at Molineux in winger Michael Kightly.