Doyle is no longer first choice at Molineux due to the impressive form of Steven Fletcher this season and has started only one of the last six Premier League matches.
The Republic of Ireland international has also scored just twice in the League this term and has been linked with a January move away.
He was mooted as a target for Everton last summer, but Wolves boss Mick McCarthy insisted the 28-year-old was not for sale.
The Toffees were also rumoured to be interested in signing Doyle from Reading before the forward joined Wolves in a big-money deal in 2009.
Everton boss David Moyes is keen to bring in a striker before Tuesday's transfer deadline, with his side having scored 22 goals in as many league games this season.