Canaries boss Chris Hughton is eager to add to his attacking department at Carrow Road this month, and has already seen two bids for Celtic's Gary Hooper turned down.
Swansea striker Danny Graham is another believed to be on Norwich's radar, but after transfer negotiations reached an impasse, attention has now turned to Dutch star Van Wolfswinkel.
The 23-year-old arrived in Portugal from FC Utrecht in his homeland in the summer of 2011, and has earned rave reviews after a series of impressive performances for Sporting over the past 18 months.
Spurs and Liverpool were both believed to be keeping tabs on Van Wolfswinkel in the summer, but that was prior to the respective arrivals of Andre Villas-Boas and Brendan Rodgers at White Hart Lane and Anfield.
It's not clear whether either Tottenham or Liverpool still hold an interest in the player, paving way for Norwich to make a bid unchallenged, and complete what could prove to be a significant transfer coup for the Premier League club.
With Sporting struggling in eighth spot in the Portuguese Primera Liga this season, they could face a fight to retain his signature if an offer comes in during this month's transfer window.