The Spanish side are set to sign the 26-year-old on loan with £30million option to buy. Traore was expected to join Tottenham this week but was not sold on the idea of converting to a wing back under Antonio Conte.
Spurs saw an initial £15m bid rejected by Wolves last week but were hoping to come back in and reach an agreement with their Premier League colleagues. But Barcelona appeared to have won the race to sign the speedy winger this month.
During talks Tottenham tried to use Matt Doherty, who only signed from Wolves at the start of last season, as a makeweight in the deal — but Bruno Lage wasn't interested in bringing the Republic of Ireland international back.
Spurs also tried to convince Wolves to let them have Traore on loan with an obligation to buy permanently in the summer, but that didn't prove successful.
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