The Portman Road outfit are looking to land the 25-year-old on loan.
Mick McCarthy feels he has defensive leaks to plug, and believes Stearman would be a useful addition to his ranks.
The former England U21 international has found game time hard to buy at Molineux this season.
With Christophe Berra and Roger Johnson preferred at centre-half, Stearman has been restricted to just eight starts in the Championship.
A change of scenery would do him no harm and he may be tempted to join Ipswich's second tier survival bid.