The winger, who only signed for Wolves last summer in a £27.5million deal, endured a difficult time at Wolves and only scored two goals.
Once Julen Lopetegui arrived at the club, Guedes was left out of the squad for two consecutive games before completing a loan move back to his former club Benfica in January.
The 26-year-old recently suffered a knee injury and needed surgery, but is expected back in late April, and reports in Portugal have suggested that Benfica are keen to keep the player next season.
It remains to be seen whether the Portuguese club will make a loan or permanent move for Guedes, but that news will be welcomed by Wolves who are keen to offload him in the summer.
Guedes was unhappy in England and forced the move in January, and Wolves would be willing to allow the player to depart again.
He signed a five-year deal with Wolves in August, and the club would hope to recoup as much money as possible for the forward.
Wolves also face a challenge with balancing their squad this summer, meaning Guedes’ departure would be welcomed on several fronts.
The current squad is much bigger than previous years and will need trimming, while Wolves will need to balance the books after two expensive transfer windows.
The club will be unable to match a similar net spend to the last January and summer windows, while also managing the number of foreign players they have to meet the Premier League requirements.