The German champions are seeking to land new frontmen this summer, and the towering hitman has been linked recently with the VFL Stadion after being witnessed at a concert nearby the Bundesliga club.
Wolfsburg executive Jurgen Marbac confirmed that his side are planning to shore up their frontline, but refused to reveal the names of the targeted players.
"We are in touch with a couple of strikers and I will certainly not make any comment on names," he told German newspaper Braunshweiger Zeitung.
On the other hand, Crouch's agent Jonathan Barnett believes that a move to Wolfsburg would suit his client.
"This emerges to me as an interesting option for the future of Peter Crouch," Barnett stated.
The 28-year-old's future at the Fratton Park has been threatened since he called for 'reassurances', as Pompey are expected to be taken over in the foreseeable future.
Portsmouth have already accepted an offer from Arab businessman Sulaiman Al-Fahim to buy the club from owner Alexandre Gaydamak, but the acquisition is yet to be completed.
Crouch sealed a move to Portsmouth from Liverpool in the summer of 2008.