Pritchard spent last season on loan at Swindon Town in League One and put in some brilliant displays that saw him nominated for both the League One Player of the Year and Football League Young Player of the Year awards.
The 21-year-old scored six goals and got ten assists in 36 league appearances with Swindon and returned to Tottenham for the end of the season, coming on as a substitute in the final day victory against Aston Villa.
Kenny Jackett is a big admirer of the Spurs man, who has represented England at under-20 level, and Wolves scouts watched the youngster on several occasions last season.
Wolves are looking to strengthen their side after gaining promotion back into the Championship and the addition of Pritchard would certainly do that, whether it be a loan move or a permanent deal.
However they face competition from Championship rivals Wigan Athletic and Huddersfield Town who are both eyeing up a move for the playmaker.
Spurs are believed to have placed a £750,000 price tag on his head if a permanent deal were to be agreed, a figure that would likely rule Huddersfield out of the race.
Wigan and Wolves look set to go head-to-head for the signature of the midfielder, though it is unlikely that Tottenham will let him leave on a permanent deal.
Christian Eriksen recently praised the youngster and told the club's official website that he is "one for the future".
"He’s a really good player and he made a real impression on me in the first few days he was back at the club.
"He’s very skilful, good on the ball. He didn't get much of a chance on his debut, a short time, but he’s really talented. He’s one for the future, for sure."
It would appear that a loan move is the most likely outcome and after taking League One by storm last season, Pritchard is ready to make his mark on the Championship.
Where will Alex Pritchard be playing next season?