The London club are considering a move for the Spain international, who is still to agree a new contract at Molineux, according to reports in the capital.
Traore has just two years left to run on his current deal and talks between his representatives and Wolves have been ongoing for much of the past season.
Former head coach Nuno Espirito Santo last month expressed confidence the 25-year-old would sign fresh terms, though that was before it emerged the Portuguese boss would himself be leaving the club.
Traore’s future is one of several to be resolved during what is shaping up to be a hugely significant summer.
Midfielder Ruben Neves has also been linked with a move away and though Wolves will not be forced into selling the Portugal international on the cheap, they will consider any offers which match their valuation.
Technical director Scott Sellars last week admitted the club would need to be “creative” when conducting business during the window, with the potential for swap deals and loans with the option or obligation to buy.
The first step is to appoint Nuno’s replacement. Top target Bruno Lage is set for a work permit hearing tomorrow which will determine whether he is eligible to take the job under new rules introduced following Britain’s exit from the European Union.
One of the first tasks facing the new boss will be to decide whether to keep any of last season’s three loan players - Willian Jose, Rayan Ait-Nouri and Vitinha - all of whom have options to buy worth a combined £70million.
Traore has made 103 Premier League appearances for Wolves since joining from Middlesbrough for £18m in 2018, scoring seven goals.