The 23-year-old impressed this season, despite the Clarets' relegation to the Championship, scoring 12 goals following a £3million move from Hibs.
Burnley are desperate to keep hold of the Scotland international and are likely to demand around £7m.
Positive: Fletcher made his mark in the top flight as Burnley bounced back down
Wolves will not go that high but are expected to move quickly as ex-Turf Moor manager Owen Coyle is keen to take Fletcher to Bolton.
Fletcher was named Player of the Year by his team-mates at the Lancashire club.
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Source: Daily Mail
Source: Daily Mail