The 25-year-old has been told that he is not part of Harry Redknapp's plans for the current Championship campaign having failed to feature since the former Tottenham boss took charge in November.
Ephraim joined QPR from West Ham in 2008, but Wolves' head of football development, Kevin Thelwell, says that a decision will be made shortly as to whether he will be offered a contract.
"Hogan has been training with us for a few days now," he told the Fulham Chronicle.
"We will spend another couple of days having a look at him and then take a decision as to whether to sign him or not.
"He's a wide player or attacking midfielder we have known about for a while and we wanted to have a close look at him.
"As for a fee, we haven't got to a stage where we have discussed that yet."