After letting Patrick Cutrone return to Italy earlier this month, the club have set their sights on the two forwards.
Podence, 24, used to be a team-mate of Wolves keeper Rui Patricio at Sporting Lisbon and is now with Greek outfit Olympiakos.
Ex-Nottingham Forest, Norwich and Reading striker Oliveira is of interest to Wolves, too, after a goal-laden season at AEK Athens – also in Greece. It is believed he would cost around £6million.
It is as of yet unclear whether it will be a loan or permanent move – or loan with option or obligation to buy – for 5ft 5in winger Podence, but Wolves are confident of getting a deal done before the deadline.
Olympiakos are said to value Podence, who has scored eight goals in 42 league appearances for them, at around £21m.
He is a client of Gestifute – the agency run by super-agent Jorge Mendes, whose expertise Wolves have called upon in recent years.
Talks with Olympiakos over a transfer to Molineux are understood to be ongoing.
Podence scored for them against Tottenham in the Champions League earlier this season.
And with Oliveira, he has grabbed Wolves’ attention after scoring 10 goals in 20 games across all competitions for Athens this term.
A deal is not thought to be imminent, but discussions are taking place with the 28-year-old and his current club.
The 6ft 1in attacker has previously featured for Forest, Norwich and Reading in the Championship – and is also a Mendes client.
Oliveira, who has also had a short loan spell at Swansea, is believed to have a release clause in his Athens contract in the region of £6m and is seen as ideal back-up to star striker Raul Jimenez.
He scored nine in 28 for Forest, 20 in 70 for Norwich and three in 10 for Reading.
Podence is yet to play for Portugal’s senior side but has starred for their under-21s. Oliveira has 17 senior caps to his name, with the last of those coming in 2017.
Leonardo Campana, meanwhile, has been pictured at Compton in a Wolves shirt and his signing is expected to be announced today.
The 19-year-old centre forward – who has played four times for Ecuador – will be joining the club on a three-and-a-half-year deal.
He was out of contract at Ecuadorian side Barcelona SC, but they are due a nominal amount of compensation from Wolves for developing him.