The 23-year-old has endured a tricky debut campaign in English football, failing to nail down a consistent first-team spot at Old Trafford.
However, Red Devils boss Jose Mourinho has called for patience while Lindelof gets accustomed to the English game.
According to the Birmingham Mail, Wolves are eager to snap up the Sweden international on loan as they seek to bolster their ranks ahead of their return to the top flight.
The report claims that the working relationship between Mourinho and agent Jorge Mendes, who also has connections with Wolves, could prove crucial in the West Midlanders completing the deal.
Lindelof has made 29 appearances in all competitions for Man United since his 2017 move from Benfica.