Zouma is under contract at St Etienne until June 2017 but has been attracting interest from clubs in England, Italy and Spain as well as the Bundesliga.
Allofs admits that the France Under-20 international is a target but claims that Wolfsburg need to be certain about the player given the fees that are being quoted.
"Kurt Zouma is a player who, of course, we are somewhat interested in," Allofs told Braunschweiger Zeitung.
"He has great skill for the future. We have enquired if there is a chance to sign him.
"Given the proposed transfer fee, we would have to find out if there is a realistic chance for him to play first-team football at our club."