Dai Young said Wasps are one of "six or seven options" for Leigh Halfpenny and revealed the Toulon full-back plans to make a decision over his future in the next fortnight.
Wales international Halfpenny is the final year of his contract and has not agreed fresh terms with the European champions.
Toulon owner Mourad Boudjellal stated on Monday that he fears the 27-year-old could be on his way to Premiership club Wasps.
Cardiff Blues and Scarlets have also confirmed their interest in Halfpenny and Wasps director of rugby Young expects to discover next month whether the Coventry-based outfit get their man.
"We would obviously love to have [him]," Young told BBC Coventry and Warwickshire.
"We're probably one of six or seven options Leigh's got."
He added: "I couldn't say what Leigh's going to do, but I know he's looking to make a decision over the next two weeks and we're one of the clubs that's an option."
Young, who worked with Halfpenny at Cardiff, says Wales head coach Warren Gatland's preference for players to turn out for clubs from their homeland could also be a factor.
"I'm sure that's something Leigh will consider," Young said. "International rugby and playing for Wales is a big part of the agenda."