Kenny Jackett would prefer to bring permanent additions into Wolves but has not ruled out landing a striker on loan.
Reports continue to suggest the Frenchman is set to leave Chinese club Shanghai Shenhua in January after a pay dispute.
England is thought to be the most likely destination for Anelka, who has spent successful spells at Arsenal, Liverpool, Manchester City and Chelsea during his career.
The 33-old striker also played for Bolton between 2006 and 2008, when he worked under Sam Allardyce and a reunion could now be possible at West Ham.
"We are looking for good players and Anelka is a good player," said assistant manager Neil McDonald in the Daily Star.
"He had a fantastic relationship with Sam."