Doyle 31, has fallen out of favour at Molineux in recent seasons, and is set to leave the Championship side when his current contract expires in the summer.
The Republic of Ireland international spent the first half of this campaign on loan at Crystal Palace in the Premier League, but scored just once in five total appearances before returning to his parent club last month.
Facing few first-team opportunities over the remainder of the season, the little-used front man is understood to be open to the idea of a switch across the Atlantic, although he remains keen to see if other opportunities in England arise.
Colorado endured a miserable 2014 in head coach Pablo Mastroeni’s first season in charge, going winless in their last 14 games to finish eighth in the Western Conference – their worst-ever placing.
While the team are looking to make a big-name signing as a result, president Tim Hinchey has also stressed that a proven but lesser-known goalscorer is another item on their wishlist.
“We need a big-name player to come in and help take us to the next level,” he told the Denver Post last month.
“We'll have someone before the season starts. We're absolutely going to get a player that is going to matter to Colorado soccer fans and will contribute to the Rapids on the pitch.
“We're also looking at goal scorers in Europe that maybe don't have the same name recognition but will also be a major investment to help," he added. "To be fair, I'd probably rather get the goal-scorer that's going to help us win and go get trophies."
Doyle, who has won 61 Ireland caps, joined Wolves from Reading in June 2009 for a reported £6.5 million fee, according to the BBC, having netted 55 times in 157 games during his four seasons at the Madjeski Stadium.
The former Cork City product has gone on to hit 34 goals in 174 total appearances for the West Midlands club, but has failed to score more than 10 in a season since his final campaign with the Royals.