Solbakken has already brought winger Slawomir Peszko to Molineux on loan from the German outfit but is now eyeing an ambitious attempt to convince Geromel to join him.
The 26-year-old Brazilian centre-back was made captain at Cologne by the Norwegian but has since found himself surplus to requirements as the club seek to cut costs following relegation.
A fee of ?3million has been mentioned for the former Vitoria Guimaraes man with Spanish sides Sevilla and Celta Vigo among the favourites to secure his signature.
But with both Primera Liga teams struggling to find the funds for the deal, the Wolves boss believes a move could be possible.
"We are also to talk to Cologne about Pedro, of course," Solbakken told Cologne-based tabloid Express.
"Those clubs from Spain are having financial troubles. Maybe it's a chance for us to step up and do it."
Wolves are keen to add a defender with Christophe Berra having asked for a transfer away from the Championship club.
That resulted in the Scot being booed by Wolves fans during his warm-up against Aldershot on Saturday and again when he came on as a substitute in extra-time.
But Solbakken is relaxed about that situation and feels it would not be a problem if Berra stays.
"That's what happens in football," he said.
"If Christophe stays here after the transfer deadline and fights for the cause of the club I am sure that will be okay."
