The former Arsenal forward spent a season and a half at Molineux before leaving in a £10m deal that took him to Dean Court in 2016.
Wolves tried to land the 24-year-old striker who scored 23 goals in 48 appearances in the old gold on loan earlier this week. However, the Cherries are determined that Afobe will only leave on a permanent deal this transfer window.
They face competition from Crystal Palace, Watford and Championship promotion rivals, Aston Villa.
Head coach Nuno Espirito Santo faces a battle to keep hold of striker who is on Glasgow Rangers wanted list and sees Afobe as an ideal candidate to replace the Republic of Ireland Under-21 international who spent the first half of the season on loan at Burton Albion.
Afobe joined Wolves in a £2m deal from Arsenal having impressed in a loan spell with MK Dons. He has struggled to impose himself on Bournemouth, reduced to a bit-player this season with 12 of his 17 appearances coming off the bench this season.
He completed only his second 90 minutes of the season during the 3 – 0 defeat at Wigan Athletic in the FA Cup.