The highly-rated 21-year-old was named in the senior Argentina squad in November but is yet to make his debut, while his form for River Plate has caught the eye.
He currently has nine goals and six assists in all competitions this year, with the Argentina top-flight season still under way.
Reports have suggested that Wolves’ head of player recruitment Mathew Hobbs has travelled to South America to discuss a potential deal for the midfielder.
Fernandez is understood to have a release clause of around £17million in his contract and he has been watched by several clubs across Europe.
He could offer a box-to-box midfielder with an eye for goal and a creative spark – something Wolves have been missing for some time.
The club are understood to be in the market for midfield additions with Lage eager for strength in depth and the long-term futures of Joao Moutinho and Ruben Neves not yet secured.