The Premier League club were previously working on a deal to sign Sporting Lisbon midfielder Joao Palhinha and made contact with the club last month.
However, Wolves did not follow up on their interest in him and have now shifted their focus towards getting their hands on his team-mate Nunes.
They are now in talks with Sporting Lisbon over agreeing on a deal to sign the 23-year-old midfielder this summer.
It has been claimed that Wolves are prepared to break their transfer record to get their hands on Nunes.
Their transfer record rests with Fabio Silva, who they signed for £35m, but the club are ready to go beyond that.
Nunes has a £51m release clause but Wolves are looking to do a deal below that figure this summer.
It is likely to cost upwards of £40m for Wolves to take the midfielder out of Sporting Lisbon.
Wolves are also mindful of other clubs looking at Nunes with Everton and Newcastle seemingly interested in him as well.