The Mirror says that the Portuguese boss will be given the full backing of Chinese investment group Fosun International if he can successfully guide Wolves to promotion to the top flight this season.
Nuno's side are top of the second tier after 16 games, their last result being a 2-0 victory over Fulham at Molineux.
"Fosun are totally committed to this project," a club insider said. "Even if the club fails to win promotion this season, that will not deter them.
"They will continue to spend whatever it takes, not just to get to the Premier League, but to stay there and make a real impact."
Forward Leo Bonatini won the Championship Player of the Month award for October after impressing for Nuno's side last month.