Wolverhampton Wanderers may reportedly consider a January approach for Pepe, who is available on a free transfer.
The West Midlands outfit were frequently linked with a move for the veteran defender during the summer, only for the Portuguese to remain with Besiktas.
However, financial problems have resulted in Besiktas terminating the contract of the 35-year-old, who will receive plenty of interest in his signature over the coming weeks.
According to Record, Molineux is a possible destination for the former Real Madrid man as Wolves look to further strengthen a squad which has already contributed 25 points from 17 games in the Premier League.
Head coach Nuno Espirito Santo would be unlikely to use Pepe as a first-team regular, however, with just one alteration being made to his back three during the top-flight campaign.