Traore has been linked with a move to Tottenham over the last few weeks and Spurs even had a bid rejected by Wolves for him.
Negotiations between Tottenham and Wolves were on track and he was expected to move to the north London club but the player reportedly became circumspect about being turned into a wing-back at Spurs.
A move to Tottenham is now off and he is now expected to join his former club Barcelona ahead of Monday’s transfer deadline.
And it has been claimed that the negotiations are advanced enough for Barcelona to schedule a medical for the winger.
The Spaniard is set to be put through his paces in a medical by Barcelona on Friday ahead of the move.
The Catalan giants are finalising a deal with Tottenham that will see Traore join them on loan for the rest of the season.
The two sides are also negotiating a purchase clause that would see Barcelona paying a €35m fee to sign him on a permanent deal.
