Cambridge's Will Norris
Wolves are looking to bolster their goalkeeping options as Carl Ikeme faces a spell out as he has treatment for leukaemia, while Andy Lonergan is expected to leave Molineux.
The Championship side signed former Norwich City goalkeeper John Ruddy earlier this week and they have now moved to bring in Norris as cover and competition for Ruddy.
Norris has impressed at Cambridge during the last couple of seasons since making his debut in April 2015.
The 23-year-old has made more than 100 appearances for Cambridge joining from non-league side Royston Town.
Will Norris in action against Leeds last season
Norris caught the eye of Wolves during a League Cup meeting between the two clubs when he saved a James Henry penalty in a 2-1 defeat at Molineux.
Norris has earned himself a reputation of being something of a penalty expert having saved five spot-kicks last season for Cambridge.
Cambridge were reluctant to lose Norris, but they could stand in the player's way of making a move to the Championship.