Patricio initially joined the newly-promoted Premier League club on a free transfer earlier this summer, having mutually terminated his contract at Sporting Lisbon following a fan attack at the club's training ground in May.
Sporting have disputed the manner of Patricio's departure, though, and have appealed for compensation for the 30-year-old shot-stopper, who had spent his entire career with the club before this summer.
Reports in Portugal claim that Sporting are now ready to accept a £17.8m offer of compensation from Wolves following the election of Frederico Varandas as the club's president.
The Lisbon outfit are still understood to be unhappy with the behaviour of Patricio and agent Jorge Mendes during the dispute, with the goalkeeper's actions sparking a host of other players attempting to cancel their contracts.
Patricio had been with Sporting for 18 years and made 467 appearances for the club before joining Wolves, where he has since started all four Premier League games.