According to a report from Spanish publication AS, the Spanish midfielder is set to leave the Bundesliga club in the summer, with Wolves being the side most interested in his signature right now.
Whilst a decision will be taken by the player at the end of the season, the report adds that Wolves have 'already asked' Schalke for the player.
The 28-year-old has experienced English football in the past, spending a season on loan with Derby County, and with him entering the final year of his contract this summer, he will most probably be a rather cheap target for plenty of clubs.
AS claim that Mascarell's current value is at around £4.2 million, a figure that is very low in today's market.
Schalke look like they will be relegated from the Bundesliga this season, and the Spaniard will probably be looking at several clubs he could go to in the summer to avoid having to playing the second tier of German football.
Whilst the defensive midfielder reportedly had offers from numerous clubs during the January transfer window, he remained at the club as he felt a responsibility as the club captain to see out the rest of the season.
Mascarell has played 66 games for Schalke throughout his career, with 21 of those appearances coming this season, with him being integral to the side, one of the few consistent performers for Schalke in what has been a disastrous season for The Royal Blues.
Signing Mascarell would be a very smart decision by Wolves, as he would settle very well in a side that is already full of Spanish-speaking players, such as Jonny, Adama Traore and Raul Jimenez.
The club is full of young players, with the likes of Rui Patricio, Joao Moutinho and Jimenez being the only really experienced players in the squad.