The Whites are believed to be keen to bring their former front man back to Elland Road for £1.5million.
Hulse has just 12 months remaining on his Derby contract and although the Rams would love him to stay, their financial may not allow it.
"As much as we'd like to keep Rob, financially, we will maybe look to sell him," first vteam coach Gary Crosby told the Daily Telegraph.
"You do hear various things but it is only talk at the moment. There is nothing definite.
"Other clubs will be active in the market and most clubs want a striker who is going to get you goals."