The Toffees are currently in the market for a new boss, having sacked Ronald Koeman last week following the club's poor start to the season which saw them fall into the Premier League relegation zone.
Burnley manager Sean Dyche is believed to be the frontrunner for the role, while Sam Allardyce has admitted that he is keen, but according to journalist Guillem Balague, Wolves boss Nuno is also in the running.
The 43-year-old moved to the Championship side from Porto over the summer and has been credited with a huge turnaround in the club's fortunes, overseeing a squad overhaul and a tactical switch to the popular 3-4-3 formation.
Having lost just three of their 15 league games this season, Wolves sit top of the division and are odds-on favourites for promotion back to the Premier League after a six-year exile.
Last week the Midlands outfit became the first side to keep a clean sheet against Premier League leaders Manchester City this season, and Sky Sports pundit Balague claims that Nuno's work has not gone unnoticed on Merseyside.
"Everton have contacted Nuno as ONE OF the potential candidates to replace Koeman," he wrote on Twitter. "His agent Jorge Mendes is listening, no decision made yet."
Mendes - also agent to Jose Mourinho and Cristiano Ronaldo - is an adviser to Wolves' Chinese owners Fosun International and has been highly influential in the club's transfer dealings and engineered the appointment of Nuno earlier this year.