The Spain U21 attacker was sold by Celta over the summer to Wolves for €23m.
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However, the move to England hasn't worked out for Lopez and Wolves have now made the youngster available for loan in January, says AS.
And Celta chiefs are now in contact with Wolves and Lopez about a return to Vigo for the second-half of the season.
Celta coach Claudio Giraldez, who also worked with Lopez as B team manager, said this week: "I didn't want him to leave and, obviously, I'd like him to come back."
Lopez's deal with Celta runs to 2030.
