The 48-year-old recently likened the club's demise from the Premier League to that of the former US boxer, who lost his titles in 1990 and served three years in prison for rape.
Tyson was alerted to Saunders's comments by his former sparring partner Joe Egan, who resides in Birmingham.
"He's right," the Express & Star quotes Tyson as saying. "I went from the best in the world to a very bad place.
"I don't know that much about football but it sounds like Wolverhampton have a manager who can turn the team around. Joe is going to let me know how they get on. When I'm over in England I would like to see them in action."
Meanwhile, Wolves are currently only out of the relegation zone in the Championship table by goal difference.