The details are outlined in a report from Marca who say that Atleti are prioritising his exit but his annual salary of €6m is proving problematic, with the agent Jorge Mendes – who is influential in Wolves signings – set to play a key role in his future.
It follows a report earlier this month that the winger had rejected Porto as he favoured a move to the Premier League.
Lemar became Atleti’s club record signing – but has since been displaced by Joao Felix – when he joined the club from Monaco in the summer of 2018 in a €70m deal.
It has been reported that Atleti are operating at the maximum of their wage budget, meaning that they must sell before they can rejuvenate their squad.
Lemar, 24, is no longer a regular in Diego Simeone’s side and did not score nor register an assist last campaign and now looks set to be moved on this summer.