The defender's current deal is due to expire in the summer, which would make him a free agent.
However, Jackett has admitted that he would like the 26-year-old to remain at Molineux beyond the end of the current campaign.
"He is in his final year and he's a player we're very interested in going forwards in the future. He's had a good season so far and as a club, we're aware of the situation and we've discussed it," the Express & Star quotes Jackett as saying.
"The very fact he's been selected so many times this season so far means we're very interested in Richard going forwards.
"Most importantly, he's had a very good season for us and we're very pleased with him in a defensive unit that's looked very capable so far."
Centre-back Stearman signed for Wolves in the summer of 2008 from Leicester City.