Bournemouth manager Eddie Howe has vowed to give his promotion heroes the chance to shine in the Premier League.
Wolves boss Kenny Jackett fears he will lose key winger Bakary Sako after his side missed out on a place in the play-offs.
Dawson was released after 10 years at the club and subsequently joined former side Scunthorpe.
The Iron have a League Two fixture at Bristol Rovers on the same date as the Betis match, August 10, but Dawson has been given permission to play in his own testimonial instead.
The 34-year-old played 317 times for Hull and was part of four promotion-winning sides.