The 23 year-old, who has scored five goals in seven matches for the Wanderers this season, has also attracted strong interest from FC Seoul, the club against which he scored during a recent AFC Champions League (ACL) match.
It is understood the Wanderers have explored a two-year deal for Bulut beyond this season - an arrangement that would yield substantially less money than what's on the table with other suitors.
Bulut is believed to be keen on a move away from Sydney and the constant distractions off the pitch that have seen him in the public eye for the wrong reasons.
Belgian top flight clubs Cercle Brugge and Anderlecht, as well as FC Basle and FC Luzern in Switzerland, have shown strong interest in the striker, with sources close to the player claiming his preference is for a second chance at European football.
In his first stint abroad, Bulut played at Czech first division club Mlada Boleslav for three years, before securing a short stint in Turkey with Akhisar Belediyespor and Karsiyaka.
