The 20-year-old is highly regarded by United manager Jose Mourinho, who gave him his Premier League debut last season and is now keen for him to find regular first-team football in order to aid his development.
Wolves are in the market for a new striker, midfielder and left-back before the transfer window closes tonight and were yesterday linked with a move for Newcastle United's Jack Colback.
According to the Express & Star, the Midlands side "couldn't reach an agreement" with Colback over a temporary switch to Molineux, with his estimated £35,000-a-week wages seemingly a stumbling block to any deal.
The newspaper says that Nuno Espirito Santo's side have now made McTominay their "number one central midfield target" as they look to strengthen following the departure of Dave Edwards for rivals Reading.
McTominay has been part of the Old Trafford setup since the age of five.