The Italian joined Fiorentina on an 18-month loan deal in January last year but his stock has dropped at the Artemio Franchi Stadium this season.
He is yet to make a start in Serie A this season and has only been sparsely used by Fiorentina, with Wolves keen to see him play regular football.
The Premier League club are considering terminating his loan at Fiorentina and selling or loan him out to another side in the winter window.
And according to Sky Italia, Parma and Marseille are the ones who are interested in Cutrone.
Both the teams are in the market for a striker and the Italian has emerged as an option for the two teams.
Joining Parma would give Cutrone a chance to stay in Italy after leaving Fiorentina and there are suggestions he could favour that.
Andre Villas-Boas wants a striker and it remains to be seen whether Cutrone is keen on a move to France if Marseille make a concrete offer for him.