Wolves are in talks to sign Estoril winger Chiquinho in a £4.2million deal.
The 21-year-old can play on the right or left flank, giving coach Bruno Lage options if Tottenham prove successful in their bid to sign Adama Traore.
The Portugal U21 international is skilful, super quick and has been compared to former Manchester United winger Nani.
Chiquinho, who started out at Sporting Lisbon, has played 15 games for Estoril in the Portuguese Liga this season scoring three goals.
He is scheduled to fly to England on Monday once details are finalised.
Wolves still want a centre back with the club willing to listen to offers for 30-year-old Willy Boly who is recovering from a calf injury.
Tottenham chasing Traore following Conte and Levy talks
Antonio Conte has reportedly put Wolves' winger Adama Traore on the top of his shopping list following crunch talks with the Spurs hierarchy.
The Italian spoke with chairman Daniel Levy and managing director of football Fabio Paratici on Tuesday and Conte stressed the need for a new right wing-back and a striker to support Harry Kane.
Fresh from scoring his first league goal of the season in Wolves' 3-1 win over Southampton on Saturday, Traore has been lined up as a replacement for Matt Doherty who Spurs are said to be open to offers for.
Conte stressed the need for Spurs to act quickly, saying every coach would like to have players sooner rather than later.
‘The transfer situation is not easy and a lot of the time you have to wait for players at the end of this period,' Conte said.
‘I have the experience to know and understand this and for sure every coach would like to have the players very soon.
‘But the club have to take the best decision on this aspect and the important thing is the club know my vision about the present and the future and they have to decide the way they have to go.’
