Dost was on Newcastle’s hit-list 12 months ago and the Magpies held talks over a move for the 27-year-old, before eventually switching their attentions to Aleksandar Mitrovic.
But Wolfsburg are thought to be ready to cash-in on Dost this summer, as he prepares to enter the final 12 months of his contract with the Bundesliga side.
Sunderland boss Sam Allardyce is keen to boost his forward line this summer, and have been in discussions with West Ham over a move for Diafra Sakho.
But it is understood that Sunderland - along with Hamburg - are keeping tabs on Wolfsburg’s 6ft 5in targetman Dost as an alternative option, although they have not yet made any formal contact with the German club.
Dost - who has netted 36 goals in 84 Bundesliga appearances - wants to test himself in the Premier League, while Wolfsburg have held talks with Spurs target Vincent Janssen as a possible replacement.
Meanwhile, Sunderland, along with West Brom, have been credited with an interest in Norwich’s Robbie Brady.
The Republic of Ireland international is one of those likely to leave Carrow Road after Norwich’s relegation, although the Canaries have reportedly slapped a £12million price tag on the 24-year-old.