In demand: Dzeko tries to fire past Hoffenheim keeper Daniel Haas
The 24-year-old is widely expected to leave the German champions this summer after a season that has seen them slip towards mid-table.
Dzeko is still wanted by AC Milan, who tried to sign him last year, and German newspaper Sport Bild says only the Italians and Chelsea are preared to meet his £85,000 a week pay demands.
However, Wolfsburg's high price could scare off suitors and the club's general manager Dieter Hoeness insists they will not relent.
'We will not let him go for a smaller sum,' said Hoeness.
Even with a valuation closer to £25m, AC Milan's interest in the Bosnia international appears to have cooled.
AC Milan sporting director Ariedo Braida recently indicated they were happy with Klaas-Jan Huntelaar and no longer in the market.
Spotlight: Dzeko lines up against Fulham's Aaron Hughes in the Europa League
Tottenham and Manchester United have also been linked with a player who scored 36 goals in 42 games last season.
While that return has proved impossible to match, Dzeko has still notched 26 goals in 41 appearances this time around.
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