Lopetegui is thought to be on the verge of being without a club, with Sevilla just outside the relegation zone after seven games in La Liga.
The 56-year-old tactician is known to current Wolves captain Ruben Neves, after the Portugal international was handed his first team debut at FC Porto at 17 by the former Spain boss.
Wolves have a number of candidates under consideration, with Lopetegui also added to that list, and are in no hurry to appoint Lage’s successor.
Lage was sacked after Wolves lost to West Ham United at the London Stadium, which put them in the relegation zone.
As things stand, Wolves will evaluate every option available before coming to a decision on appointing their next manager.
Sevilla play host to Borussia Dortmund on Wednesday in the Champions League and then take on high-flying Athletic Bilbao at the same venue on Saturday.
Wolves travel to Stamford Bridge on Saturday to take on Graham Potter’s Chelsea looking to arrest their current run of two games without a win in the Premier League.
