Nevertheless, Devlin has stated that the club know nothing of any such approach.
He said: "We have received no official request from Wolverhampton Wanderers, or any other club for that matter, asking permission to speak to Ian Holloway with regards to the vacant managerial post.
"On the basis that I know Wolves to be an honourable club, I would be very disappointed if any conversations had taken place without the prior knowledge of the board of directors at QPR.
"As far as we are concerned, Ian Holloway and the team have done tremendously well so far this season and we look forward to seeing them build upon their fine start to the campaign."