Dicko is a popular member of the first-team squad at Molineux having spent the last three-and-a-half years in the West Midlands, but the 25-year-old is currently regarded as backup to Leo Bonatini.
Head coach Nuno Espirito Santo has also been given the funds to try to sign another forward before the end of the summer window, a move which could potentially leave Dicko as third choice at the club.
According to Pete O'Rourke of Football Insider, Hull and QPR are monitoring Dicko's situation and may be prepared to make an approach before the end of August.
Hull require a replacement for Abel Hernandez, who will be missing until the spring with an Achilles injury, while QPR may be in the market for another frontman to boost their hopes of a top-half finish.
Dicko has netted 36 goals in 136 games in a Wolves shirt in all competitions.