The Silver Arrows are currently looking for a replacement for Nico Rosberg after he announced he would be retiring following his championship triumph last month.
Almost immediately, a host of names were linked with his seat - one of which was Alonso
"You have to consider Fernando," Wolff told Sky Sports. "He is a driver I respect a lot. He combines talent, speed and experience. It's all there."
However, team chairman Niki Lauda insists such contracts can be broken.
"There are many contracts with small print and performance clauses," he told Frankfurter Allgemeine Sonntagszeitung newspaper.
"It is now our duty to find these clauses among the drivers who are interested in us."
Bahrain International Circuit - Winter testing