That's according to Chronicle Live.
The 22-year-old Brazilian has been watched by Newcastle's scouts over a long-term period and the Magpies have been linked with a reported £40million move for the Hoffenheim forward this summer.
However, Rafa Benitez's exit as United manager has seen the Magpies postpone significant transfer business until a successor is appointed, and Newcastle are yet to make a signing so far during the current window.
Reputed German media outlet Kicker reports that Wolves have shown an interest in Joelinton, who has three years remaining on his contract at the Bundesliga outfit, although the West Midlanders are yet to make an offer for the forward.
Hoffenheim head coach Alexander Rosen claimed earlier in the summer that "a dozen clubs" have enquired about Joelinton, and Newcastle are believed to be one of them.
Wolves and Newcastle face each other in the Magpies' first pre-season friendly out in China at the Premier League Asia Trophy on Wednesday, and both clubs competed for Salomon Rondon's permanent signature earlier in the summer.