The 22-year-old spent last season on loan in Germany with Werder Bremen before returning to Chelsea in the summer, but has found his first-team chances at Stamford Bridge limited thus far.
A number of clubs have been linked with the Belgian's services, but his representative Patrick de Koster has claimed that De Bruyne would be prepared to talk to Wolfsburg sporting director Klaus Allofs.
"If Kevin has to find a new club in January, we'll talk to Klaus Allofs," he told WAZ.
"I don't think that Kevin training with the Under-21s is a punishment. This happens in England, and Kevin is not the only player."
Juventus have also been linked with the attacking midfielder.