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.
The 35-year-old Hungary international was released by Albion at the end of last season after his contract expired, bringing an end to his second spell with the club.
Gera had also played at The Hawthorns between 2004 and 2008, before linking up with Fulham for the next three years.
He revealed earlier in the summer that he had received a number of offers from the Championship to extend his time in England, but he has now decided to return to Hungary.
Gera played for Ferencvaros earier in his career, turning out for the cub from 2000 to 2004.