The Bundesliga side appear in pole position to land the Belgium international midfielder ahead of a host of rival German clubs.
De Bruyne seems set to leave Stamford Bridge during the January transfer window, but it appears talks over whether it will be a loan move or permanent switch are delaying matters.
Wolfsburg sporting director Klaus Allofs said: "The ball is in Chelsea's camp now."
De Bruyne's agents have reportedly flown to Abu Dhabi for talks with Wolfsburg, where the club is on a winter training camp.
The player's agent Patrick De Koster is quoted by Kicker as saying his client is keen to move back to Germany.
"We hope something might happen soon," he said. "Kevin really wants to go to the Bundesliga."
De Bruyne spent last season on loan at Werder Bremen, and was hugely impressive before returning to Chelsea this summer, but he has struggled to make an impact on the first-team under Jose Mourinho.