The Press Association report that the 25-year-old, who is contracted at Elland Road until 2013, has attracted the interest of both clubs who are struggling at the wrong end of the Barclays Premier League.
McCormack has been in fine form this season and is the Whites top scorer with 11 goals.
However, the former Rangers and Cardiff player has come off the bench for his last two appearances, figuring as a second-half substitute in Saturday’s 1-1 draw at Watford.
Blackburn remain in the bottom three of the Premier League after a 2-1 defeat by Sunderland at the Stadium of Light, in what was Martin O’Neill’s first game as Black Cats’ boss.
Wolves find themselves one place above the drop zone after their 4-1 loss against Manchester United at Old Trafford on Saturday.