The German forward has been with Real Betis since 2006 but has been tipped to leave the club this summer following their relegation from the Primera Division.
He has previously expressed a desire to return to the Bundesliga, with Cologne understood to be interested in securing his services.
It has now been reported in Spain that Premier League newcomers
Wolves are also considering a swoop for the 25-year-old.
Odonkor is under contract at Betis until 2011 but it is thought that he would be allowed to leave for a figure of around €4million (£3.4million).
Having seen his spell with Betis blighted by injuries, Odonkor concedes he would be open to joining another club.
"If a good offer arrives from Europe I am ready to consider an exit," he told the Spanish press.
"This depends on Real Betis and my agent is working on some things."