Ratcliffe is set to buy a 25 per cent shareholding in the Old Trafford club, with the deal expected to see the 71-year-old billionaire have a significant say in sporting matters.
Ineos founder Ratcliffe, along with Wolff, 51, and Ola Kallenius, owns a third of the Mercedes Formula One team. Mercedes team principal Wolff has overseen six of Lewis Hamilton's seven world championships.
Speaking to the PA news agency ahead of this weekend's Brazilian Grand Prix in Sao Paulo, Wolff, a close ally and business partner of Ratcliffe's, said: "Jim has shared the trajectory with me.
"I very much respect his values and we trust each other. If we felt it would make sense to be part of the investment group then I would certainly look at it."
Austrian Wolff bought a share in Williams in 2009 before leaving the British team to become an executive director of Mercedes four years later. He spearheaded the team's record of eight consecutive constructors' world championships between 2014 and 2021.
He added: "I have never aimed for trophy investments but I like the competitiveness of the Premier League.
"Jim and Manchester United is a love story because he is born there. Our personal relationship is strong and with Ola Kallenius, they call us the Three Amigos because we live in the no bulls*** world.
"If felt I could contribute then I would consider joining him at Manchester United."
Speaking later to Sky Sports, Wolff said: "That's very far away.
"I'm a Premier League fan. I think it's the toughest environment. I'm a Pep Guardiola fan, so I guess that's not compatible."