Mancienne spent two seasons on loan at Molineux before leaving Chelsea for Hamburg in the summer.
The England Under-21 international decided to join Hamburg after growing increasingly frustrated with his lack of first-team chances at Stamford Bridge.
Mancienne has made eight appearances for Hamburg in the Bundesliga this term, but has struggled to nail down a regular place in the side.
Wolves boss Mick McCarthy is a huge admirer of Mancienne with the 24-year-old equally adept at playing in midfield as well as defence.
McCarthy is thought to have enquired about bringing Mancienne back to Wolves on loan, but the German club have rebuffed the offer.
It remains to be seen if Wolves will come back with a new offer to sign Mancienne on a permanent basis as they look to tempt Hamburg into allowing the player to return to England.
