The 20-year-old Portuguese winger has made a huge impression since joining on loan from Atletico Madrid in July.
Wolves have loaned him from the Spanish giants for the season – and have an option to buy Jota when his loan expires.
However, in a similar scenario to the £13million purchase of Helder Costa last January, Wolves are looking to take advantage of the exclusivity arrangement they have on Jota to snap him up when the transfer window reopens.
Sources suggest the proposed fee is a sizeable eight-figure one, but wouldn't break Wolves' transfer record of £15m, which they paid for Ruben Neves in the summer.
Jota is joint second-top scorer in the Championship on six goals.
He is the first Wolves player to score six goals before the end of September since Chris Iwelumo in 2008.