Geoff Horsfield could be offered in part-exchange. Both he and Hulse formed an attacking duo at West Bromwich Albion when they won promotion to the Premiership two years ago.
Kevin Blackwell is due to return to work this morning where he will be seeking clarification on Hulse's future.
Hulse cost £1.1m from West Brom and is one of the top earners at Elland Road but a swap deal for Horsfield may suit Leeds.
The Barnsley-born Horsfield joined the Blades on loan last season and completed a permanent £1.1m deal this summer.
Horsfield,32, has scored 103 goals in 224 league starts during a career that has also included stops at Halifax Town, Fulham, Birmingham City, and Wigan Athletic.