Manager Nuno Espirito Santo’s side want to add a couple of quality signings to their squad after narrowly missing out on finishing in top-six last term.
However, Wolves aren’t the only Premier League side keen on the Frenchman who cost Atletico £63 million in the summer of 2018.
Everton have also been linked, with manager Carlo Ancelotti said to be keen on the France international.
The 24-year-old has struggled to impress in the La Liga, and the Madrid team are ready to cut their losses this summer.
Esprito Santo has brought out the best in Spanish winger Adama Traore, and the Portuguese could fancy his chances of reviving Lemar’s long-lost form.
The World Cup winner was a force to reckon with during his days with AS Monaco, notching 17 assists in 55 games for the side in 2016-17 and helping them clinch the Ligue 1 title.
Lemar has scored just four goals in 72 games for Diego Simeone’s side since his arrival, but moving elsewhere and starting afresh could do him some good as he looks to return to the French squad ahead of next summer’s European Championship.