According to local reports, Magath sees Seol as an ideal addition to Wolfsburg's midfield and is prepared to offer £750,000 for the South Korea international.
The 29 year-old is out of favour at Craven Cottage and is understood to be ready to leave the club to seek pastures new.
He joined Fulham from Reading in the summer of 2007 after falling out with Royals manager Steve Coppell.