Hunt is in the final season of his contract at Molineux and could be the latest player to move on following Wolves' relegation from the Premier League.
He featured as a substitute in the Carling Cup game against Aldershot Town but, after being on the bench for the opening Championship fixture against Leeds United, he has not figured in the last two matches.
Solbakken has spoken to the Republic of Ireland international about the situation and will not stand in the 31-year-old's way of moving.
"I had an open discussion with Stephen and said we'll see what happens," said Solbakken on Wolves' official website.
"He's got 10 months left on his contract and we had an open discussion about that.
"If he wants to stay and fight for his place, that's fine, but if we get an offer in that's acceptable, he will leave."
It is understood that Wolves would be prepared to let Hunt go for free or a nominal fee as Solbakken tries to bring in his own players.