Kenny Jackett is searching for a player who can give Wolves 'another 10 to 15 per cent in terms of quality'.
Neil Adams says Norwich remain in the market for further additions after signing Cameron Jerome and Carlos Cuellar.
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."