De Bruyne has struggled to make an impact at Stamford Bridge this season and spent last term out on loan with Werder Bremen following his £6.7million move from Genk in the summer of 2012.
The 22-year-old has made just three Premier League appearances under Jose Mourinho and has been warned that his international place could be in jeopardy ahead of the World Cup in Brazil.
A loan return to the Bundesliga has been mooted as one possibility, but Wolfsburg general manager Klaus Allofs insists his side would only consider a temporary deal if it can be turned into a permanent arrangement.
Werder Bremen and Schalke are also reported to be monitoring the situation, while there is speculation that Atletico Madrid could be in the frame.
Allofs told Wolfsburger Allgemeinen Zeitung: "If Chelsea want to sell him, we are ready to buy him or loan him with an option to buy.
"We are not interested in a pure loan agreement."
De Bruyne's agent, Patrick De Koster, added: "There's interest from some teams, but we will first talk to Chelsea. I don't name clubs.
"At the beginning of the season we agreed with Chelsea to talk in December. Then we will look at what's the best for Chelsea and for Kevin.
"We're now waiting on those talks. I suppose Jose Mourinho will have the final word. We'll find a solution. We have a good relationship with Chelsea.
"If Kevin doesn't play a lot, he's not happy. The last few weeks he's not playing spontaneously anymore, he thinks too much about his actions."