The newly-promoted Premier League side have been linked with a wide range of midfielders and attackers in recent weeks, but it remains to be seen whether head coach Nuno Espirito Santo will move for another centre-back.
Romain Saiss is currently expected to switch from midfield to play on the right side of a back three, but according to Fanatik, it has not stopped the West Midlands outfit considering an approach for Pepe.
The Portugal international is now 35 years of age, but with Wolves having already signed a large number of players from the same country, a move for the ex-Real Madrid man is seemingly not out of the question.
However, the report claims that Porto are ready to offer Pepe the chance to return to a club he represented for three years before moving to the Bernabeu in 2007.
Besiktas allegedly value Pepe at £7m, despite just a year remaining on the player's contract.