Graham has just broken into Wolves’ first-team, but the standard of his performances has allegedly alerted teams from the top tier.
Bournemouth are said to be leading the race to sign the youngster, with Wolves preparing to have to fend off bids in the new year.
Graham started this season out on loan at Oxford United but he has enjoyed a rapid rise to prominence at Molineux.
The 20-year-old was handed his first start during Wolves' draw at Ipswich Town last month and he went on to win the club’s November Player of the Month award.
He has set up Wolves' last three goals and his dribbling skill and crossing ability have both caught the eye.
Wolves are understandably keen not to lose the exciting prospect, but with their promotion push faltering they could face a fight to keep hold of him in January.
Wolves are also said by the Daily Mail to be bracing themselves for interest in Benik Afobe, with Norwich City set to launch a bid.