Wolverhampton are negotiating with Atletico Madrid for an upcoming transfer of Felipe.
According to Reuters, the Premier League side are keen to finalize the Brazilian's deal in the winter transfer window.
In December, Wolves were on the verge of singing both the defender and striker Matheus Cunha from Atleti, however, the latter joined on loan, meanwhile, Felipe remains the main target for the Molineux outfit.
La Liga side would be open to selling the 33-year-old as the player is out of contract at the end of the season.