Fletcher, 27, is a a long-time target of the Wearsiders and, following the departures of Nicklas Bendtner and Asamoah Gyan, Martin O'Neill is desperate to bolster his attacking options.
The Scotland forward, who has netted 36 times in three seasons, is considered O'Neill's No. 1 target and Sunderland believe they can tempt Wolves with a £10 million offer.
However, Wolves chief executive Jez Moxey appeared to warn the Wearsiders off the striker on Monday, stating that the club's best players are not for sale.
Despite these claims, Wolves have also looked to add to their strikeforce this summer with the signings of Frank Nouble and Björn Sigurðarson from West Ham and Lillestrom respectively.
Fletcher has been at Molineux since 2009, when he arrived from Burnley for a club record fee of £7 million.
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