The Swedish international is enjoying an impressive season with the Sky Blues in the Championship and his form has caught the attention of onlookers at Molineux.
Premier League rivals Everton and Fulham have also been linked with the 24-year-old, who has netted 12 goals in 23 games this term to sit top of the second tier goalscoring charts.
New Wolves boss Julen Lopetegui has already strengthened his forward options with the signing of Matheus Cunha from Atletico Madrid, initially on loan but with an obligation to buy him for around £43million in the summer.
But with Wolves short on goals this season and speculation surrounding the future of Raul Jimenez, a move for Gyokeres is now being considered with Coventry believed to be seeking between £10m-£15m for the player.
Gyokeres started his career with Swedish side Brommapojkarna before moving to Brighton and then having loan spells at German side FC St. Pauli, Swansea and Coventry. He joined the Sky Blues permanently in July 2021 and has scored 29 goals in 68 appearances.