Wolves are yet to make a first-team addition during the ongoing transfer window.
The future of Ruben Neves looks uncertain, while the Premier League outfit have lost out to Fulham in the race to sign Joao Palhinha from Sporting Lisbon.
However, the West Midlands club are still expected to make fresh additions, and it appears that they have set their sights on the second tier of German football.
According to Hamburger Morgenpost, Wolves have been in touch with the representative of Vuskovic in recent days.
Hamburger have just completed the permanent signing of the centre-back after his initial season-long loan deal, the defender signing a contract that runs until 2025.
Now, it appears that the Croatia Under-21 international is attracting interest from Wolverhampton Wanderers who could be ready to meet his valuation.
The report adds that the defender is available for €10m and the Premier League club will now decide whether to press forward with a deal.