Leeds remain firmly in the market for attacking additions in the final stretch of the summer transfer window and hold an interest in Hwang.
The South Korea international counts Red Bull Salzburg and RB Leipzig amongst his former clubs and has worked with current Leeds boss Marsch.
And it has been claimed that he would be keen to reunite with the American at Elland Road this summer if the option arises.
Wolves could cash in on Hwang before the transfer window slams shut and it is suggested he would cost £25m.
The forward is also drawing interest from Jose Mourinho’s Roma.
Wolves signed the 26-year-old on an initial loan deal from RB Leipzig, before then capturing him on a permanent basis.
He made 30 appearances in the Premier League for Wolves last season, finding the back of the net on five occasions.
The forward scored for Wolves against Leeds in October last year, in a 1-1 draw, and recently took on the Whites earlier this month, in a 2-1 loss for Bruno Lage’s men.