The Venezuelan striker is in demand this summer after an impressive season on loan with Newcastle United, where he scored 15 goals and picked up the player of the season award.
The 29-year-old has a release clause of £16.5million – and has just 12 months left on his existing contract.
Wolves aren’t believed to have met that release clause, but Rondon is thought to be interested in a switch to Molineux.
However, the two clubs are still a long way from an agreement, and no deal is imminent.
It’s believed that Wolves are also monitoring a number of younger options as they line up competition for top scorer Raul Jimenez.
Rondon is currently weighing up his options, which may include a return to Newcastle where the situation is up in the air because of ongoing takeover talks.
Sheikh Khaled bin Zayed Al Nehayan is reportedly negotiating a £350m purchase of Newcastle from Mike Ashley, which could have a wider impact on the future of manager Rafa Benitez.
Rondon flourished under Benitez and would be keen to continue working with him, but there is no guarantee the Spaniard will be in charge next season.
Benitez suggested this week there is no rush to get a deal done, with plenty of variables that need ironing out first.
Benitez told the Newcastle Chronicle: “He has been an important player and it’s exactly the same when I talked about my situation (his future depends on his current employers).
“His situation depends on West Brom so we will see what happens with them. We will have time to talk about his future.
“I was really pleased for him and for us (this season). It’s congratulations to him because he did so well. He helped the team to stay up.”
Wolves and West Ham are monitoring the situation, but the Express & Star understands it is Albion’s Black Country rivals who have made the most ground in talks.