Cook has a good relationship with former Cherries manager Gary O'Neil, leading to the speculation.
Per Football Insider, the Midlands club are ready to make an offer for the England international.
Cook played 26 times last season under O'Neil, while he has been a regular this term as well.
Whether he wants to leave for Wolves is unclear, as manager Andoni Iraola does rate him highly.
Per the Daily Echo, there is no indication about Bournemouth wanting to sell Cook.