The 31-year-old has not played a single minute of Championship football this season due to hip surgery, but after coming through a practice match on Tuesday, Hunt could earn a place on the substitutes' bench for the club's match with Leicester City next Thursday.
Saunders told the Birmingham Mail: "He played 50 minutes in a practice match on Tuesday and did well.
"If he can get through the next week's training – because that will be the test for him – he will be in line for a comeback.
"He has gone from doing nothing to working hard so, if there's no reaction, we will try and get a game for next Monday. We have got a game next Thursday and he might be able to get a game in that."
Hunt has made 44 appearances for Wolves since joining the club in 2010.