The Chelsea forward and South Korean striker are two of several forwards Wolves have been monitoring and are seen as potential options to replace Fabio Silva, who has left to join Anderlecht on-loan.
With Raul Jimenez currently sidelined with a knee injury, Wolves will start the season on Saturday without a recognised striker, but it is understood they are working on four or five potential options to fill that void.
Those targets – two of which are Batshuayi and Hwang – are all being worked on concurrently as Wolves assess who is best suited to Bruno Lage's style of play.
It is expected that Wolves' transfer activity will move quicker once the season has started.
Batshuayi has one year left on his Chelsea deal and any move would likely be a loan. While on-loan at Besiktas last season the 28-year-old scored 14 goals.
Hwang netted 11 goals last season for a Bordeaux side that finished bottom of the French top flight.
The 29-year-old is an international team-mate of Wolves forward Hwang Hee-chan.
Following Bordeaux's relegation, Hwang is likely to depart and reports suggest he could be available for as little as £7million.