The 24-year-old is believed to have been in discussions over fresh and improved terms at Molineux but has not been able to come to an agreement with the club.
Wolves, though, are not putting too much pressure on the Spaniard, whose current deal runs until the summer of 2023, and hope the matter can be resolved when the time is right.
Nuno Espirito Santo – after signing a new three-year contract himself – has seen several of his first-team stars tied down over the past couple of months.
Skipper Conor Coady committed his long-term future to Wolves before top scorer Raul Jimenez put pen to paper on a new deal.
Soon after those two, defender Max Kilman was handed a fresh five-year contract – and Traore was thought to be the next in line.
Pedro Neto, though, was the one to follow in the footsteps of Kilman, Jimenez and Coady, and talks with exciting winger Traore are currently at an impasse.
The £18million signing from Middlesbrough has not started any of the last five Premier League games for Wolves but will look to end that run against Southampton next Monday, after he returns from international duty with Spain.
Meanwhile, Jimenez has said there was interest in him from both Manchester United and Juventus before he signed a new Wolves deal.
The 29-year-old striker told Mexican outlet TUDN: "One day I woke up and Juventus wanted me, another Manchester United and what I know is that there were approaches made.
"But an agreement was never reached and nothing was close. I’m very happy at Wolves.
“The truth is I am very happy in Wolverhampton. It’s never wrong to be in a place where you are well but they know that I am not satisfied (with my form), I always look for more.
“It (a move) did not happen this time. If it happens at some point then it will have to be what is best for me, for Wolves and the team I join.”