The France international isn't in the plans of coach Diego Simeone this season and has been made available ahead of next week's transfer deadline.
Marca says Wolves are keen, where super agent Jorge Mendes is working on their behalf. The Portuguese also has Lemar on his books.
An initial loan arrangement has been raised for Lemar, with Wolves keen to do business.
Mendes placed former Barcelona fullback Nelson Semedo at Molineux last week.