Traore has enjoyed a breakthrough season which has seen the speedster score six goals and provide 10 assists to help keep Nuno Espirito Santo's side firing in Europe and the Premier League.
His performances have attracted interest from Liverpool, Barcelona and Real Madrid, according to Football Insider.
The report claims Traore has become a target for the Premier League outfit as he could be a replacement for Sadio Mane or Mohamed Salah if either depart.
Wolves reportedly want offers in the region of £70m for the 24-year-old wideman.
Liverpool manager Jurgen Klopp claimed earlier this season he always knew Traore would become a star once he found the right manager to nurse his talent.
'(He is) a big, big talent. You would never have thought he is that young, but he is still very young, and now he has found it (the right manager),' he said. 'It was always clear it would happen one day, and now it has. Good for Wolves!'
Traore joined Wolves from Middlesbrough in the summer of 2018 for a club-record fee of £20m.
Just last month Spain boss Luis Enrique revealed the Wolves star was closing in on an international call up.
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