The 27-year-old is being viewed as a replacement for Niklas Bendtner, who is potentially leaving Arsenal for Portuguese club Benfica.
However, Wolves manager Mick McCarthy has previously stated that he’s unwilling to let Doyle go.
“I’m sure we’ll have those conversations with Kevin and his agent at the right time,” Molineux chairman Steve Morgan is quoted as saying.
“Kevin has been a fantastic signing for this club and is a really, really key player for us. We’d like to secure his services going forward.”
Doyle joined the club from Reading for £6.5m in 2009.
Meanwhile, Arsenal are preparing to lose Gael Clichy, Cesc Fabregas and Samir Nasri.