Wolves boss Kenny Jackett is thought to have earmarked Mason as one of his top targets this summer as he looks to bolster his attacking options at Molineux.
Jackett is in the market for new attackers having seen Kevin Doyle and Bakary Sako leave the club at the end of last season.
Mason's future at Cardiff is uncertain, with the 24-year-old finding himself out of favour at the Cardiff City Stadium having spent three spells out on loan at Bolton Wanderers during the last 18 months.
The former Republic of Ireland U21 international earned a recall to the side at the back end of this season, with Russell Slade giving him a run of games as he started the last seven games of the campaign.
However, Slade is thought to be willing to let Mason move on for the right offer as he looks to raise funds for his own transfer plans this summer.
Wolves are thought to have tabled a bid in the region of £1.5million for Mason which has been flatly rejected by Cardiff, who are believed to be holding out for closer to £3million for the player.
Mason, who still has two years to run on his Cardiff contract, joined the club in the summer of 2011 from Plymouth Argyle and helped the club win promotion to the Premier League in 2013.