Goncalo Guedes was left out of Valencia's squad to face Atalanta on Saturday night amid interest from Premier League clubs.
Wolves have been keen to sign the 25-year old forward if they can strike a deal with Valencia, who won the friendly over Italian opposition 2-1.
Wolves are keen to sign two forwards and are pursuing a number of options. They have spoken to Chelsea about a loan for Michy Batshuayi, and have offered £2m for Bordeaux striker Hwang Ui-Jo.
Guedes has made over 140 appearances for Valencia, initially in a loan move in 2017, before making the permanent switch a year later.