The 23-year-old has been linked with a move to Molineux for a number of months and reports in his homeland suggest Wolves are now ready to move on a club record deal for Nunes.
It is thought a bid in the region of £40million could be in the pipeline, while Sporting are understood to have a £51million release clause in Nunes’ contract.
Wolves’ current record signing is Fabio Silva, who was brought in for £35million from Porto in the summer of 2020.
If Wolves were to pull off a deal for Nunes it would be a marquee transfer for a player that Manchester City manager Pep Guardiola described as world class in February.
Speaking after City’s 5-0 Champions League win over Sporting, he said: “I would say that Matheus Nunes is one of the best players in the world today. Despite the difficulties and some mistakes, I have to be very satisfied because we took a big step towards the next round.”
Wolves have also recently been in talks for Nunes’ midfield partner at Sporting, Joao Palhinha.
Those talks have been ongoing for some time but Fulham have also expressed their interest.
Reports have suggested the London club have tabled an offer of around £18million for the 26-year-old and they are confident of completing the signing.
It is thought that both Nunes and Palhinha are players that have been on Wolves’ radar.