IFK Norrkoping winger Isak Bergmann Jóhannesson is the subject of negotiations with Wolves.
The teenage Iceland international has been tracked by Manchester United, Liverpool and Juventus scouts this season, as confirmed by Peking officials.
But SportExpressen says Wolves have jumped in and opened talks with Peking about a deal for Johannesson.
Peking's board hope to sell the attacker for top price this summer, knowing he wishes to now leave for a higher level.
Funds from the 18 year-old's sale will immediately go to the summer transfer budget.
