The Spanish side are looking to offload players following their early Champions League exit - and Wolves are keen on the Brazilian internationals.
Cunha, 23, has been linked with both Man United and Leeds in the past, as well as Villa. with Turkish side Besiktas interested in Felipe.
With Wolves reportedly in talks with the Spanish club over a deal for the pair - here is a closer look at their careers so far:
Like many youngsters growing up in Brazil, Cunha began playing futsal at a local club in Recife - before switching to football and signing as a youth player for Coritiba.
He was soon turning heads in Europe and after impressing scouts at the 2017 Dallas Cup youth tournament, he signed for Swiss club Sion at the age of just 18.
He spent just one season in the Swiss Super League - with his ten goals in 32 games leading to interest from Germany and RB Leipzig.
He signed for the German side for a multi million pound deal in 2018, reported to be in the region of 15 million Euros - and netted his first goal against Hertha BSC.
Cunha scooped a goal of the month award in 2019 for a strike against Bayer Leverkusen, a goal which was nominated for the FIFA Puskas Award and he finished with six goals in the 2018/19 Europa League.
He second season at Leipzig was not as successful as the first and he failed to score in 13 appearances - with a move to Hertha arriving in 2019.
He signed for a fee believed to be around 15 million Euros - and just months into his first season at the Olympiastadion he was linked with a move to Wolves in January 2020.
In total, over three seasons at Hertha he scored 13 goals in 40 games and that was enough for Atletico Madrid to make their move.
He moved to Spain for around 22 million Euros - bagged seven goals in 37 games in all competitions, but so far this season he has gone 17 games without a goal.
The young forward also earned himself a Brazil call up back in September 2020 - before making his senior debut a year later in a 1-0 win over Chile in a World Cup qualifier.
And only this summer Man United were reported to be keen on the striker linked with a 45 million Euro deal.
Capped twice by his country, Felipe began his career in his home country but was released at the age of 14 and ended up delivering mushrooms to restaurants while playing for a tractor company works team.
Then in 2009 he was given his break as he turned professional and soon grabbed the attention of Corinthians.
He won a national title with the club - before moving to Europe and to Porto on a five year deal.
Felipe, now 33, spent three years with the Portuguese side and played a key role in a title victory and a cup win - before attracting interest from Madrid in 2019.
A 20 million Euro deal was struck and over the next three years he would play over 25 games a season - but this year he has fallen out of favour.
The experienced defender is also well known to English sides after being sent off twice against Liverpool and Manchester City in last year's Champions League.