The 20-year-old midfielder is rated among the most talented youngsters in Europe but financial troubles at Porto mean Nuno Espirito Santo's former club are reportedly looking for a quick sale and it's believed Wolves have jumped in with an opportunistic inquiry.
Whether they'll be able to snare a player who earlier this month was being linked with Chelsea and Liverpool remains doubtful.
But sources have confirmed that Wolves' interest – first reported on Portuguese TV station TVI24 on Friday evening – is genuine.
Despite their financial troubles it's been suggested it would cost Wolves around £18million to prise Portuguese international Neves – whose agent is Jorge Mendes – from Porto and reunite him with Nuno.
Any deal approaching that figure would smash Wolves' transfer record.
Neves, who has been compared to Paul Scholes, recently featured for Portugal at the European Under-21 Championship.
He has come through the youth ranks at Porto and made 92 appearances to date, scoring four goals.
Wolves have signed three players this summer – defenders Roderick Miranda, Phil Ofosu-Ayeh and Ryan Bennett – with a fourth, Scottish left back Barry Douglas, due to join early next week.