Manager Kenny Jackett is prepared to write off the £5m paid to Tottenham Hotspur three years ago, providing another club are willing to reach an agreement on his estimated £20,000-per-week salary.
"I don't think a fee is part of the situation - the whole financial deal is complicated by somebody on high wages because people are going to pay all or a percentage of his salary, and that's the deal to be done," Jackett told the Express & Star.
"I think there's a deal to be done with regards to the player.
"I think he's desperate and really looking for someone to take a chance on him and give him a fresh start in football after a year out."
However, Jackett went on to say that Wolves are unwilling to pay up the two remaining years on O'Hara's contact, given that he featured just twice during their League One campaign last season.
Wolves are currently on a pre-season tour of Ireland, during which they have defeated Bohemians and Shamrock Rovers so far.