The Bundesliga side remain keen on signing the unsettled Belgium international but say that they are unwilling to loan him if they cannot ensure a permanent deal
The Belgium international has struggled to make much of an impact at Stamford Bridge since joining the club from Genk in January 2012.
His lack of game time has even led team-mate Eden Hazard to claim that he would be better off leaving the Blues in search of regular football while Belgium coach Marc Wilmots feel that he should consider a move to Schalke.
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"If Chelsea want to sell him, we are ready to buy him or loan him with an option to [buy]," he told Wolfsburger Allgemeinen Zeitung.
"We are not interested in a pure loan agreement."
Wolfsburg coach Dieter Hecking has previously revealed that the Bundesliga side wanted to bring in the Belgian during the recent transfer window but Chelsea would not allow him to leave.
De Bruyne has made just five appearances for Jose Mourinho's side this season but has started only two games - Capital One Cup ties against Swindon and Arsenal - since August.