The 51-year-old is a long odds-on favourite with the bookmakers to take charge at Molineux, although he is up against two other candidates for the job.
Jackett resigned as Millwall manager earlier this month after six years in charge.
If Jackett, who guided the Lions to promotion from League One in 2010, is appointed as Dean Saunders' successor, then Wolves will be hoping he can lead them straight back to the Championship following their back-to-back relegations.
Brentford manager Uwe Rosler, whose side lost to Yeovil in the League One play-off final, is the second favourite for the Wolves job in Sky Bet's market.
Crewe boss Steve Davis is the third favourite, with the likes of Paul Ince, Steve McClaren and Owen Coyle around the 25/1 mark.
Wolves have made no official comment on their search for a replacement for Saunders.
Saunders only took charge of Wolves in January after Stale Solbakken's exit, but his contract was terminated after the defeat to Brighton on the final day of the season condemned Wolves to the drop.