Verstappen is currently contracted to Red Bull until 2028, but there has been recent speculation over his future following last week's news that Adrian Newey, the team's technical chief, will leave his role next year.
Wolff has previously made no secret of his admiration for the Dutchman to join his team, and speaking with Sky Sports after the Miami Grand Prix, suggested that meetings over a potential move for the three-time F1 champion may have taken place.
"There's always plenty of meetings," said Wolff. "I can't really say about the second driver [at Mercedes].
"I think we've talked about the possibilities. I want to be fair to these guys and not make it look like we are playing chess with humans, because we are not doing that.
"I think we want to take our time, see where Max's thinking goes, and at the same time, monitor the other drivers.
"Carlos [Sainz] was very strong in Miami again and that's why we are a little bit on an observation mode at the moment."