Dicko has scored twice already this season but sources suggest Wolves would be willing to sell the 25-year-old for the right price.
The Tigers have moved for Dicko after their Uruguayan international striker Abel Hernandez was ruled out for six months with an Achilles rupture, which he suffered against Wolves last week.
Dicko scored in that game but it's believed Nuno Espirito Santo isn't convinced he has the attributes to fit Wolves' new playing style.
Brazilian striker Leo Bonatini, on loan for the season from Al Hilal, has started every league game so far and has also scored twice.
Dicko joined Wolves from Wigan Athletic for just £400,000 in January 2014 when they were in League One.
He scored 13 goals in just 19 games as Wolves lifted the title, followed by 15 in 40 in the Championship in 2014/15.
However since then things haven't gone so well. He suffered a cruciate knee ligament injury at the start of 2015/16, returning in October 2016 to score only three in 32 for the rest of the campaign.
Now back to full fitness, he started pre-season in fine form with two goals in two games.
Wolves have already sold Jon Dadi Bodvarsson for £3m to Reading this summer.
They are still chasing a new striker before next week's transfer deadline. It's understood they're only looking to sign one forward, regardless of whether Dicko is sold, but are currently no closer to landing their target.