The 32-year-old midfielder is now a free agent after Hull started the process of terminating his contract at the KC Stadium, which still has two years left to run.
Bullard, who has yet to play for the Tigers this season after being placed on suspension due to an incident on a pre-season trip to Slovenia, can appeal the decision but clubs are already lining up to compete for his signature.
Ipswich boss Paul Jewell has already revealed he wants to bring the playmaker back to Portman Road, where he impressed on loan during the second half of last season, while QPR are also believed to be interested.
Jewell stated last week that he thought Bullard's proposed move to QPR "fell through" but the newly-promoted Premier League outfit are still in the race.
Now Sky Sports understands Wolves are keeping tabs on Bullard's situation at Hull as they look to bolster their squad before the transfer window closes.
Mick McCarthy's men have made a dream start to the season, beating Fulham 2-0 on Sunday for their second win to sit just behind Manchester City on goal difference.
Bullard's agent Simon Dent told skysports.com: "We are waiting for Jimmy's registration to be released by Hull City, until this is done Jimmy can't sign with any other clubs.
"I don't think it's any secret that a number of clubs are keeping tabs on the situation."
Source: Team Talk
Source: Team Talk