The former Crewe frontman has seen his chances of first team football limited at the Hawthorns following the recent summer arrivals of Kanu and Robert Earnshaw.
Hulse was the Baggies top scorer with 13 goals last season and has been pushed down to fifth choice in the race to line-up in attack for Premiership games.
A loan may be the best for both club and player as the option of regular first team action may prove a vital appetizer for the striker if he is serious about regaining his spot in the starting eleven.
Ollie recently confirmed his interest in the player, as well as Les Ferdinand and rumours persist of a move to sign Stockport striker Luke Beckett.
Speaking about his poor luck in the loan market Ollie said:
"It's really difficult.
"I am trying to get people in on loan, but I have to get the right people.
"It's absolutely embarrassing, because teams won't allow their players to leave. People in the Championship don't want to help us, which is obvious, while you can't really bring in players from a lower level.
"But the Premiership clubs, who are supposed to use us as their feeder clubs for their future squads, are not letting anybody out."
Injuries have seen key players such as Danny Shittu, Martin Rowlands and Jamie Cureton ruled out of recent matches and a move for another striker comes as Ollie is worried about loosing influential forward Paul Furlong to injury.