Spurs football managing director Fabio Paratici is trying to reach an agreement for the winger with Wolves, who are claimed to value him at £25m.
Tottenham have failed with an offer of £15m, but there is an expectation that the deal will happen before next week’s transfer deadline.
Talks are continuing, with Paratici trying to agree a compromise figure with Wolves.
Wolves boss Bruno Lage is keen to reinforce his squad, but needs to bring in money from player sales.
With Traore not willing to extend a contract that expires in the summer of 2023, selling now could represent the time for Wolves to obtain maximum value for the winger.
Spurs boss Antonio Conte wants to convert Traore into a right wing-back.
Emerson Royal has so far not fully convinced in the role and Conte believes that Traore can flourish for Spurs in the position.