The Coyotes are also interested in bringing Dallas Stars left wing Ray Whitney back to Arizona.
Moulson, who is set to become an unrestricted free agent July 1, was acquired by the Sabres from the New York Islanders earlier in the season.
Moulson has liked his time in Buffalo thus far and has expressed interest in re-signing with the Sabres, but it's strongly believed by a number of league sources that Buffalo will move him for young players and high draft picks.
The Coyotes want to bolster their roster up front and have the ability to add some salary this season.
Whitney owns a limited no-movement clause and can list up to 10 teams he will not accept a trade to.
He spent two seasons with the Coyotes before joining the Stars last season. According to multiple reports, Whitney has been disappointed with his ice time and might be interested in a move before the deadline.
The Los Angeles Kings, Detroit Red Wings and Anaheim Ducks are also believed to be interested in Moulson.