After the dismissal of Johnny Heitinga this week, Ajax are seeking a new head coach and have turned to Ten Hag.
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The Mirror says Ten Hag has resisted an approach from Wolves in order to leave himself free to speak with Ajax about a return to the Amsterdam Arena.
AD reports Ten Hag is now in talks with Ajax about taking up the post.
The Dutchman is available after being sacked by Bayer Leverkusen just three games into his tenure.
Ajax are fourth in the Eredivisie and were thrashed 3-0 at home by Galatasaray in the Champions League on Wednesday night in what proved to be the final straw for Heitinga.