27-year-old Paulinho is also on Lazio’s list of targets, but his future appears to be in England.
The super-agent Jorge Mendes, who has close ties to Wolves, is leading negotiations for the deal.
Wolves have offered €25m for Paulinho, much higher than the €15m bid that Lazio had rejected by Braga.
Paulinho joined Braga from Gil Vicente in 2017 and has scored 53 goals for the club.
In the 2019-20 season, he found the net 25 times in all competitions and delivered nine assists.