Molineux chief Mick McCarthy is keen to bolster his attacking options next season after struggling for goals this term and he has targeted a move for Dindane.
Dindane is set to end his loan spell at Pompey and return to Lens following this weekend's FA Cup final against Chelsea.
The 29-year-old has impressed at Fratton Park this season despite their struggles, scoring 10 goals for Pompey
The Ivory Coast international has previously expressed a desire to stay in England and Lens are thought to be ready to sell him on a permanent basis this summer.
Blackburn were thought to be leading the chase for Dindane after the player underwent a medical at Ewood Park.
However, Wolves are hoping to steal a march on Rovers by luring the powerful forward to Molineux and are keen to thrash out a deal before the World Cup.