Aston Villa midfielder Gardner, 23, would cost £3 million.
The England Under-21 international is struggling to figure in the plans of manager Martin O'Neill at Villa Park.
Wolves boss Mick McCarthy is drawing up plans to strengthen his squad in the January window as he faces up to a battle for Premier League survival.
Celtic's Northern Ireland international winger Niall McGinn is also on the Wolves hit-list.
The Bhoys only paid Derry £250,000 for the 22-year-old winger in January.
But his form has caught the eye of McCarthy, even though the player is under contract at Parkhead until the summer of 2012.
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Gardner is good
By Dave.. Posted November 29 2009 at 10:22 AM.