Felipe has not found as much game-time this season at Atletico Madrid as the last campaign when he played 35 matches.
The defender has just three appearances overall for the La Liga club this term and there is a possibility he exits the Spanish capital this month.
Wolves have already signed one player from the Spanish giants in the form of Matheus Cunha, on loan, and Felipe could be set to join him.
The Midlands club have become interested again in pursuing the Brazilian defender, according to Spanish outlet Relevo.
Wolves were linked with the centre-back last month and now their interest in him has resurfaced as they look to beef up their backline.
Atletico Madrid are keen on Leicester City centre-back Caglar Soyuncu and his arrival would mean even more competition for Felipe at the club.
Felipe’s contract with Atletico Madrid expires in the summer and it remains to be seen if the club are ready to sell him now to recoup a fee.
