Giles spent the first half of the season on loan in the Championship at Cardiff City and was on the bench for Wolves in their 3-0 FA Cup win over Sheffield United on Sunday.
Had Giles come on during the game then his only option to leave Wolves this month would have been to return to Cardiff given rules surrounding only being able to play for two clubs in one season.
However, Giles was an unused substitute, leaving him free to head elsewhere this month and he has three Championship clubs chasing him.
Swansea want to take the midfielder back to Wales, while QPR and Hull are also keen on securing his services.
The 21-year-old midfielder has had numerous loan spells away from Wolves.
Giles has spent time at Telford United, Shrewsbury Town, Coventry City and Rotherham United.
He shone at Cardiff during the first half of this season, making 21 appearances and providing nine assists for his Bluebird team-mates.
