The Hammers are already in talks with the Midlands club over defender Craig Dawson, who is expected to leave the London Stadium before tonight’s deadline.
Dendoncker started Wolves’ first two games of the Premier League season but the club have since signed midfielder Matheus Nunes - who was a target for West Ham - from Sporting and the Belgian international is keen to move on in search of more regular football ahead of the World Cup.
While the 27-year-old would face a tough task to displace Declan Rice and Tomas Soucek in the short-term, the Hammers, unlike Wolves, have European fixtures to contend with, meaning playing time is likely to be easier to come by. Aston Villa are also interested in Dendoncker.
David Moyes has been keen to bolster his options in central midfield all summer, following the retirement of Mark Noble, but despite making eight new signings the Scot is yet to provide serious competition for Rice and Soucek.
Defensive midfielder Flynn Downes, signed from Championship side Swansea, is viewed as a work in progress, while new record signing Lucas Paqueta can play as a No8 but is likely to be used in a more attacking role at the London Stadium.
The Hammers at one stage had a fee agreed with Lille for midfielder Amadou Onana, but walked away from the deal over personal terms and the 21-year-old eventually joined Everton.