The Midlands club are worried about losing Matheus Nunes, who has stopped training in order to force a transfer to Manchester City.
The Premier League champions are yet to meet Wolves’ asking price, but there is now an expectation that the Portuguese will end up at the Etihad before Friday’s transfer deadline.
Wolves are preparing for his departure as well and are now being linked with a move for Strasbourg’s Diarra.
And according to French sports daily L’Equipe, they are soon expecting to put in their first formal bid for the midfielder.
The 19-year-old defensive midfielder is very highly rated in France and is even wanted at Lens.
Strasbourg have rejected three offers for Diarra from their French rivals, the latest one being a bid worth up to €20m.
However, it has been claimed that Wolves are expected to offer more money than Lens put forward.
There is now an expectation that Diarra will end up at Molineux before the window closes on Friday night.