The npower Championship side move quickly to replace Stale Solbakken, who lost his job after six months in charge and a humiliating FA Cup third round exit to non-league Luton Town
The Norwegian was dismissed following Wolves' shock 1-0 defeat to non-league outfit Luton, and Rovers have released a statement concerning an approach from the Molineux outfit after their boss emerged as favourite for the post.
"Doncaster Rovers can confirm that they received an official approach from Wolves this morning to speak to Dean Saunders regarding their vacant position," the statement reads.
"The Rovers board will not stand in the way of Dean but will try to keep him at Rovers. Dean has been given permission to speak to Wolves and he is meeting them today."
Previously in charge at Wrexham, former Derby, Aston Villa and Liverpool striker Saunders has spent over a year at the Keepmoat Stadium after replacing Sean O’Driscoll in September 2011.
He was unable to stop Rovers being relegated from the npower Championship to League One last season, but has taken them to second place in League One, level on points with leaders Tranmere following Saturday's 1-0 win over Colchester.
"The board have a strategy for a situation such as this and have a 'Plan B' in place,” the statement added.
“We will keep everyone updated as we find out more."