The Premier League outfit have enjoyed a productive summer transfer window thus far, acquiring three players for considerably less than the fee that they generated through the sale of Max Kilman.
As a result, Wolves have leeway to spend big in search of a replacement for their former club captain, and a defensive addition is expected to be made in due course.
However, the West Midlands outfit remain vulnerable to bids being made for other key men, the likes of Rayan Ait-Nouri and Pedro Neto each available for the right price.
Little has been mentioned about a potential exit for Hwang, yet it appears that he has admirers in the South of France.
Marseille put forward proposal for Hwang
According to the Express and Star, Marseille have offered to pay £21m for the South Korea international.
The report claims that the bid was immediately rejected by Wolves, who have no plans to entertain any interest in the versatile attacker.
After an initial season-long loan, Wolves paid in the region of £13m to sign Hwang from RB Leipzig, and it has since proven to be a deal that has brought value for money.
A total of 22 goals and seven assists have been contributed from 94 appearances in all competitions, 15 (12 goals, three assists) of which came in the 2023-24 Premier League.
Midway through that campaign, Hwang extended his contract until 2028, with Wolves also possessing the option for a further 12 months, while Hwang's popularity in Asia will inevitably be taken into consideration by Wolves when making any decisions over his future.
Realistically, Wolves will not be prepared to sell both Hwang and Neto during the same transfer window, leaving Marseille in a position where they will need to significantly improve their offer to tempt Wolves into selling the 28-year-old.
What now for Marseille?
Newly-appointed head coach Roberto De Zerbi is in the market for a new forward, with the French outfit having also been heavily linked with Manchester United's Mason Greenwood.
Marseille were seemingly keen to sign the Englishman in a reported £26.7m deal until comments made by the city's mayor threw the transfer into considerable doubt.
Despite the differences in age, Wolves may argue that Hwang should be valued on the same level as Greenwood, given his greater experience and their contrasting popularities.
Although Marseille will undergo somewhat of a rebuild under De Zerbi, they have no European football on their calendar for 2024-25, something which may hinder their efforts in the market.