The Sun says Wolves are keeping tabs on Vipotnik, who is the Championship's leading scorer.
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Wolves see the Slovenia international as a replacement for Jorge Strand Larsen after he was sold to Crystal Palace in January.
Nottingham Forest and Scottish giants Rangers are also watching Vipotnik.
The 23 year-old has a deal with Swansea to 2028 and has 22 caps with Slovenia.