The 27-year-old has made just two substitute appearances for Kenny Jackett's men in League One this season, having signed for the club - then in the Premier League - for a reported £5million in 2011.
But Blackpool manager Paul Ince could now offer O'Hara the chance to resurrect his career at Bloomfield Road.
"He’s on trial today with Blackpool," said Jackett. "The idea is he has a few days training with them with a view to a loan move by Thursday.
"Kevin Thelwell (head of football development) will be in touch with Blackpool in the middle of this week and they will either take him on loan before the window closes on Thursday or they won’t."
Blackpool currently sit fourth in the Championship, while Wolves are one point off the top of League One.
‘He instantly popped into our ratings as one of the best U21 midfielders in Europe. The impressive thing is Slot has made him into more of a no.6' Inside Ryan Gravenberch's transformation at Liverpool
‘I don’t think Liverpool would look at Ollie Watkins, a striker isn’t a pressing issue for them – it’s Arsenal who need one’ Former Reds star explains why his old club don’t need an out-and-out forward this summer
