Leading bookmaker Sky Bet is offering odds of 8/1 for Assombalonga to move across the Midlands before September 3.
The Congolese is making up for lost time this season, scoring twice in as many appearances for Forest having missed much of the last 18 months through injury.
His recent form is said to have alerted both Norwich City (6/1) and Sunderland (5/2) in recent weeks, but Wolves' name is yet to be associated with Assombalonga this summer.
The Black Country club are awash with cash following last month's takeover by Chinese conglomerate Fosun International and are being tipped to make a number of big-money moves before the close of the transfer window.
According to the Sun, Benfica's Brazilian international defender Luisao is set to arrive at Molineux this week, with clubmate and fellow countryman Anderson Talisca linked with a £20 million switch in the Portuguese press, though the latter deal now appears to be off.
Forest chairman Fawaz Al-Hasawi stressed on Twitter that Assombalonga will not be leaving the club this summer, though Wolves' financial clout, not to mention the uncertainty which surrounds the Reds' proposed takeover, could yet twist the Kuwaiti's arm.
The 23-year-old cost Forest a reported £5.5 million in two summers ago, and scored 15 goals in his first 29 Championship appearances for the club.