Neves has been impressed by winger Traore's development since he made the switch from Middlesbrough in 2018.
The Spanish attacker has lit up the Premier League this term with four goals and seven assists after moving to the right of the front three.
And as they prepare to face Manchester United on Saturday Neves stressed there is still room for improvement.
He said: "No doubt about it (he's the fastest player I've played with).
"He's really fast, really strong and I think he is growing a lot.
"When he first came in last season I think he needed to think a little bit better about the game.
"Now he is improving on that part the game and it is amazing.
"If he can make good decisions and sometimes play with more calmness, for me he could be one of the best players in the world because he is unstoppable."
Traore, Raul Jimenez, Diogo Jota and Pedro Neto have new forward competition after Wolves secured the signature of Daniel Podence today.
The 24-year-old attacker joined from Olympiacos and Neves is delighted with the signing.
He said: "He's a great player.
"I'm happy for him to be with us.
"I'm sure he will help the team a lot because of his characteristics.
"He is really fast.
He can play in two or three positions up front.
"He has a lot of mobility and he is really good with the ball at his feet.
"It is really good for us to have him.
"It helps the team when you know a player and you know what he can do.
"You know how he wants to play.
"It is always good to have a player that we know."
Podence is the eighth Portuguese player in Wolves' first-team as he joins Neves, Rui Patricio, Joao Moutinho, Jota, Neto, Ruben Vinagre and Bruno Jordao at Molineux.
Neves, 22, was one of the first Portuguese players brought to the club by his ex-Porto boss and Wolves chief Nuno Espirito Santo.
The midfielder was reunited with his fellow countryman Nuno in the summer of 2017.
And he says he settled in Wolverhampton from the off.
He said: "I'm happy here.
"I was settled from the first month I was here.
"I like the calm of the city.
"It is really good for me and my family.
"My kids like it, my wife likes it, so I am happy."
Neves has helped Wolves win promotion to the Premier League and the last 32 of the Europa League since his arrival.
And now the midfielder is relishing another battle with Manchester United as Wolves bid to end a 40-year wait for a league victory at Old Trafford on Saturday.
He said: "It is a great stadium, everyone knows Old Trafford and it is a dream for everyone to play there.
"We have had a lot of games against Manchester United.
"It is always a good match against a big team with really good players."
Neves levelled in the 1-1 reverse fixture at Molineux in August.
It is a goal he places in his top three since joining Wolves and is a game that lives on in his memories.
He said: "I remember the game really well.
"We were struggling a little bit but in the second half we settled down.
"We played really well, fortunately, we got the goal and the draw.
"It was a good goal for me and the team.
"It is always amazing to score, mainly at Molineux because the atmosphere is amazing and it is always great to score there."
But with just three goals in 36 games for Wolves thus far this term, he is hungry for more.
He said: "It is something I like to do (score).
"It is something I would like to improve, I still need to improve.
"I am trying a lot to get better."