Wolves and Albion face competition from Sammy Ameobi's current club if they are to land the winger this summer.
Newcastle United, who survived relegation from the Premier League on the final day of the season, have offered the 23-year-old wideman a new deal.
Kenny Jackett's Wolves and Tony Pulis' Baggies are known admirers of Ameobi, the brother of ex-Newcastle front man Shola.
However, the Magpies have released striker Adam Campbell, who spent time on trial at The Hawthorns earlier this season.
Jonas Gutierrez, Ryan Taylor, Jack Alnwick and Remi Streete have also been let go by Newcastle.