The Atletico Madrid striker was at premier league between 2014 and 2017 with the blues. He made 120 appearance in all competitions and scored 59 goals.
He rejoin Atletico Madrid and made over 80 appearances but he has only seven times so far this season.
Recently, Costa mutually agreed to cancel his contract with his club making him a free agent ahead of January transfer window. Wolves are one of the clubs interested in him.
"I think it's a very dangerous signing if I'm a to be honest" said by Cascarino, speaking with TalkSport Breakfast.
Cascarino suggested that it's a high risk move for Wolves signing the striker.
Costa had so many issues with his coach in Atletico Madrid which made him to cut off his contract with his club.
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