The 21-year-old has shone for the Canaries this season, scoring six league goals and setting up five more.
It's understood that Wolves are monitoring Maddison's situation, with a host of top flight clubs also believed to be interested. No bid has yet been lodged from Molineux.
The attacking midfielder joined Norwich two years ago from Coventry City and this has been his breakthrough season, after a fruitful loan spell with Scottish side Aberdeen in 2016/17.
Arsenal and Spurs are among the big clubs reported to be keeping tabs on Maddison, who was Norwich's standout player when they were beaten 2-0 by Wolves at Carrow Road last October.
It remains to be seen in Norwich are willing to sell Maddison this month. Fellow midfielder Alex Pritchard is on the verge of joining Huddersfield Town in an £11m deal.
In terms of transfer dealings Wolves are essentially planning for the Premier League and only chasing targets who are perceived to be good enough for the top flight.