Hammill joined Wolves from Barnsley in January 2011 for ?500,000 but has failed to make an impact at Molineux, and made just three starts in the Premier League last season.
O'Driscoll, who has previously acknowledged Forest's need for a right-winger after the departure of Paul Anderson to Bristol City, admits that the club have made an initial move to secure the 24-year-old's signing.
"He (Hammill) is available. He has been put on the transfer list," said O'Driscoll in the Nottingham Evening Post.
"Everyone in the Championship knows that he is available.
"We know that there is a transfer fee and there are wages, but that is as far as it has gone."