The Portuguese duo have been with the club since 2016 but both struggled for game time last season, starting only three Premier League games between them this side of Christmas.
The Express & Star understands there has been plenty of interest in the two forwards, who could both be sold if the right offer comes in.
Wolves broke their club transfer records to sign both players – Cavaleiro for £7million from Monaco and then Costa from Benfica for £13m a few months later.
Leeds United are believed to be chasing a loan deal for 25-year-old Costa, while relegated duo Fulham and Huddersfield Town have had Cavaleiro, also 25, on their radar for the past 12 months.
There is also interest from abroad and, with Wolves chasing new attacking additions this summer including Liverpool starlet Rafael Camacho, the club are open to offers with a preference for selling at least one of the duo rather than two loan deals.
However, fellow forward Adama Traore – who has also found himself out of Nuno Espirito Santo’s first-choice XI – remains part of the first-team plans for now.