It is understood the South Korea international forward, 25, is one of Wolves’ frontline targets in the final few days of transfer window.
Hwang plays for Red Bull Leipzig in the German Bundesliga, where he helped them to a second-placed finish last term after making the switch from Red Bull group partnership club Salzburg, in Austria in 2020.
The forward, who made his name in Austria alongside Erling Haaland and Takumi Minamino, can operate wide and centrally and is known as an aggressive and dynamic dribbler, is known to have been a target of Wolves and Fosun before, under previous boss Nuno Espirito Santo.
And reports suggest that Champions League outfit Leipzig would be willing to let the frontman leave.
Wolves are looking to boost their forward options with further competition in the wide departments to add to Adama Traore, Francisco Trincao, Daniel Podence and Pedro Neto, who remains sidelined with injury, as well as competition for Raul Jimenez and Fabio Silva.
Hwang has 37 caps and six goals for his nation after making his international bow in 2016.
Clubs have until 11pm on Tuesday night to conclude their transfer business. Head coach Lage was in relaxed mood today as he said ‘a lot can happen in football in five days’.
Lage also confirmed Wolves have not received a bid from Tottenham or otherwise for in-demand winger Traore.
Wolves, meanwhile, have sent highly-rated young right-back Luke Matheson, 18, out on a season-long loan deal to Scottish Championship outfit Hamilton Academical.