Last summer, Wolves brought in Vinagre on a season-long deal, and the Portuguese youngster went on to make 13 appearances in all competitions.
The 19-year-old failed to feature past January 6 due to the club's early exit from the FA Cup and the form of Barry Douglas, but it appears that Wolves are keen for a reunion with the player.
According to the Express & Star, Nuno Espirito Santo wants Vinagre to act as backup to Douglas in Wolves' first season back in the Premier League after promotion from the Championship.
The report suggests that Wolves are currently against a permanent deal for Vinagre, but have been left impressed with his period at the club over the past 12 months.
Vinagre still has four years remaining on his contract at Monaco.