With former Wolves football chief Matt Hobbs set to move to Palace, talkSPORT says he is pushing for a deal for Hwang.
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The South Korea international is in his third season at Molineux, though could be cashed in by Wolves in the coming weeks with manager Vitor Pereira focusing his attacking options on Jorge Strand Larsen.
At Palace, Hwang would arrive as an alternative to prime centre-forward Jean-Philippe Mateta.
Hwang has made 120 appearances for Wolves, scoring 22 goals.