Scottish centre-forward Fletcher revealed his desire to leave Wolves this summer by handing in a transfer request earlier this month.
Sunderland manager Martin O'Neill is interested in his services, but Championship side Wolves have so far been reluctant to do business.
However, Huckerby feels that Wolves would be able to recruit a number of "very good" players with the money that they would receive for the 25-year-old.
"Fletcher is a good player but turning down £12 million Wolves must be mad, that's 4 or 5 very good championship players right there," Huckerby wrote on Twitter.
Wolves are believed to want £15m for the striker.