Abraham has netted 16 goals in 20 matches for Dean Smith's side. He's on loan for the season from Chelsea but can be recalled and then loaned out again in January.
Smith said after yesterday's 2-2 draw with QPR that he wasn't worried about losing Abraham and would be 'amazed' if the player or Chelsea would want to end his time at Villa.
However with Wolves said to be preparing a substantial bid for the 21-year-old, the lure of moving to a top-half Premier League club may be too big for Abraham to turn down.
It's not yet clear if Wolves would look to buy Abraham outright now or loan him from Chelsea with a view to purchasing him in the summer, but it's understood that they are definitely keen to bring him to Molineux this month.
Raul Jimenez has led the line superbly with six goals and five assists so far but there is little competition for the Mexican with Leo Bonatini having not played for two months.
Any prospective deal would be a serious blow to Villa, who are five points off the play-offs.
Chelsea boss Maurizio Sarri recently said he doesn't want to recall Abraham to return to Stamford Bridge this month, saying he doesn't need another striker.
Abraham came to prominence in 2016/17 during a loan spell with Bristol City in the Championship, netting 23 goals in 41 league games – including three times in two matches against Wolves.
Last season he failed to reproduce that form in the Premier League having been loaned to Swansea, scoring only five times in 31 appearances.
However his form with Villa this season has convinced Wolves he can contribute goals to a squad whose biggest weakness has been in front of goal.