The 20-year-old was promoted from Coventry's academy in 2015, and he has scored once in 12 appearances during the 2017-18 campaign.
According to The Mirror, Stevenson is currently having a medical with Wolves ahead of signing a long-term contract with the high-flying Championship outfit.
"I am not really a winger, not got the pace for that but I think I could maybe play as an attacking midfielder. I feel I could come in to do that job," Stevenson told reporters when previously asked about his preferred position.
"I think I could play as a number 10 but it depends on who we play against and the style of play really."
As it stands, the young Englishman, who is expected to initially represent Wolves' Under-23 outfit, is contracted to Coventry until the summer of 2020.
Wolves have won 20 of their 29 Championship fixtures this season, with a total of 65 points leaving them top of the pile - 11 points clear of second-placed Derby County.