Tottenham have opened talks with Wolves over the transfer of Traore and have already seen an offer to take him on loan with an option to buy turned down by the Molineux outfit.
The north London giants remain in negotiations with their Premier League rivals and are expected to change the option to buy clause into an obligation in their next proposal.
Spurs are hopeful that such an offer would be enough to convince Wolves, who have struggled to persuade Traore to sign a new deal, to sell the Spaniard.
With the former Barcelona youth star potentially on his way to Tottenham, Wolves have already identified possible replacements for him.
Wolves are long-term admirers of Valencia forward Guedes and could turn to him should Traore join Tottenham in the final days of the transfer window.
Bruno Lage’s side have also identified RB Leipzig winger Lookman, who spent last season on loan at Fulham, as a potential replacement for the Spain international.
Lookman, who has also been linked with a move to Crystal Palace this summer, is expected to be cheaper than Guedes and could be available for around £15m.
