The right-back, who signed from Barcelona in 2020 for an initial £27.5million, agreed a three-year deal that included the option extend it until 2025.
Semedo will be coming to the end of that two-year extension in the summer and in January he will be free to negotiate with other clubs and sign a pre-contract agreement that would see him leave Wolves at the end of the season.
The 31-year-old is not short of suitors but it is understood he is keen to stay at Wolves and the club are desperate to keep the experienced defender, who has a good relationship with head coach Gary O’Neil and is happy at the club.
With free agents able to demand signing on fees at their new clubs it is likely that both Wolves and Semedo will need to be willing to compromise on the finances to get a deal done.