The Mexican star has been at the top of his game this season, helping Wolves to within touching distance of the top four.
He has 22 goals in 44 appearances in all competitions.
Real have Luka Jovic on the books, but he has not impressed this season and is likely to be moved along in the summer.
Jimenez has previously indicated that he wanted a move to a top club when asked about his future at Wolves.
And it is unlikely that the club would stand in his way if they received a mega offer and had enough time to replace him.