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The 34-year-old announced his departure from Shanghai SIPG this week after spending four years in the Chinese Super League.
The forward is now available for nothing having terminated his contract and Wolves have been linked with a move.
According to Wayne Veysey of Football Insider, the Molineux outfit have been notified about the availability of Hulk - who is said to be interested in a move to the Premier League.
The club are facing a substantial period without star striker and talisman Raul Jimenez after he underwent surgery on a fractured skull suffered in a horrific collision with Arsenal defender David Luiz.
The Mexican visited his teammates and manager Nuno Espirito Santo in training today and although he was in good spirits, he likely won't be returning to the pitch anytime soon.
Raul Jimenez stopped by Wolves training on Wednesday for the first time since fracturing his skull against Arsenal on November 29 pic.twitter.com/FVLElnvRA1
- B/R Football (@brfootball) December 10, 2020
Capped 48 times by Brazil, Hulk comes with plenty of experience and it has been reported by Portuguese outlet Record that he is willing to take a 90 per cent pay cut at his next club.
He was rumoured to have collected a ridiculous £385,000-per-week in China, where he scored 76 goals in 145 games.
The former Kawasaki Frontale has already revealed he's had offers from the Premier League and other leading leagues.
"I am listening to many proposals from Brazil and many places including in Europe.
"[I have offers from] Turkey, Portugal, England, Spain, Italy, Germany - and I also have an offer from China.
"Every day more new proposals arrive."
West Ham have been mentioned as potential suitors, as well as a return to former clubs Porto or Zenit St Petersburg being mooted.
Topics: Wolverhampton Wanderers, Football News, Football, Raul Jimenez, Wolves
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