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The 31-year-old has a lucrative four-year contract extension offer on the table, with head coach Vitor Pereira hopeful of keeping his club captain at Molineux.
But Semedo has yet to give the club an answer and will officially become a free agent on July 1.
It is understood that Wolves are currently assessing a number of targets at right wing-back with the club keen to address the situation.
However, despite recruitment actively looking at alternative options, the club will not withdraw their current offer to Semedo out of respect for the player.
The Portuguese international has been linked with a variety of clubs in Europe and Saudi Arabia, but has yet to agree a deal elsewhere despite continuing negotiation.
Semedo has a huge amount of admiration at Molineux and has become an influential figure within the dressing room.
Pedro Lima and Rodrigo Gomes are both options to play a right-wing back, but Wolves are expected to bring in a first team starter should Semedo depart.
He has already recorded a goodbye video for supporters, which will be published if the player does decide to leave.
Semedo joined Wolves from Barcelona in 2020 in a deal initially worth £27.5million, but likely to rise above £30million when certain conditions were met.
He signed a three-year deal, with a two-year option to extend that was exercised.
Semedo has been a key player for Wolves during that time, under five different managers, and was made captain in December after Gary O'Neil stripped Mario Lemina of the armband.
The players are due back for pre-season training on the week beginning July 7 with the squad departing for their first pre-season training camp in Portugal shortly after.