Hulse, the Rams' leading scorer this season with six goals, turned down a move to Middlesbrough in August after the Teessiders tabled a £4million-plus deal.
Derby expect interest in the striker next month but insist they have yet to receive an offer.
A club spokesman said: "We have had no formal approach for Rob Hulse from any club at this stage but expect plenty of these stories in the build-up to January and therefore we will not be reacting to them all."
Wolves manager Mick McCarthy is keen to pep up his attack with Wanderers second from bottom of the table having scored just 12 goals in 14 games. However, Derby have targets of their own in January and are interested in Plymouth Argyle forward Jamie Mackie.