Reports in Portugal say Pepe could join Wolves when the January transfer window opens.
The 35-year-old is a free agent after being released by Turkish side Besiktas on Monday and will be available to sign for a new club this winter.
Wolves have inevitably been linked due to him being one of agent Jorge Mendes’ stable of stars.
Helder Costa, Ivan Cavaleiro, Joao Moutinho, Ruben Neves and Rui Patricio have all arrived since the agent first hooked-up with Wolves in the summer of 2016 and their progress is hardly likely to dissuade Mendes from offering another of his stars.
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Wolves were first linked with the former Real Madrid man in the summer and Nuno Espirito Santo could be interested in adding his experience to the squad.
The Brazil-born Portugal international, who won his 100th Selecao cap in September, is most famous for his time at Real Madrid where he won a trio of La Liga titles and a hat-trick of Champions League crowns.
A move to Molineux could be on the cards, with reports in Portugal suggesting the Euro 2016 winner would be interested.