Rondon is set to leave fierce rivals Baggies after a thoroughly impressive loan spell at Wolves’ Premier League counterparts Newcastle last season.
The 29-year-old has a £16.5m release clause in his Hawthorns contract, and the Express & Star reported last month that Nuno Espirito Santo’s side were leading the race for his signature, although no deal was agreed.
And Bull, who scored 306 goals for Wolves after making the switch from Albion in 1986, said: “I think he would do well for Wolves.
“I think he has been brilliant for Newcastle and for West Brom. He’s a very talented player who leads the line well and scores goals. It would not be a risk, for me.
“He’s 29 so should be in his peak years, and he’s got a good record when it comes to injuries – he tends to always be fit.”
It has been said elsewhere that Wolves and West Ham have been put off by the Venezuelan’s release clause.
However, with just one year remaining on his Baggies contract, there could be room to manoeuvre.
Wolves, with the backing of Fosun, have mainly targeted younger players who could be sold on for hefty profits.
Rondon would represent a break from the norm, but Bull said: “The return on the investment would be the goals he would get.
“It is going to be full throttle next season. We’ve potentially got the Europa League group stages coming up, and the Premier League is going to be tougher than last season, in my opinion.
“Raul Jimenez is fantastic, but he can’t do it all on his own.
“We could do with adding another striker, and Rondon would be a great addition.”
Bull also feels Rondon would be welcomed with open arms by the Molineux faithful despite being an Albion player – just as he was.
“I don’t think it matters at all now,” he added.
“I think that has gone out the window and the fans would just be happy to see a striker who scores goals come into the club.”