The Scotland international is a regular scorer in the Championship.
They claim that Wolves are hoping to tempt Derby into cashing in on the striker this summer.
Martin is an experienced Championship striker with the Rams and has scored 50 goals for Derby in his past three seasons with the club.
The bid is yet another signal of intent from Wolves – who are looking to make significant moves in the transfer market.
Hull's Curtis Davies in action with Derby's Chris Martin
The club were taken over by a Chinese group recently and are already in the process of finalising a big money move for Brazilian talent Anderson Talisca from Benfica.
But it would appear the club are also keen on bringing in players that have experience in the Championship – hence the move for the 27-year-old Scotland international.
Derby would appear unlikely to sell their striker to Wolves at that price, but money is not in short supply at the Molineux and it would not be a surprise to see them up their bid.