Former Derby County midfielder Inigo Idiakez
Inigo Idiakez, who played for Derby and Southampton during a four-year playing spell in England, was hired by new Rams boss Nigel Pearson at Leicester in 2013.
Derby's former Leicester manager, Nigel Pearson
And Pearson is said to be keen on a reunion with the Basque, who would be offered a promotion to first-team coach at the iPro Stadium.
However, Wolves will reportedly look to trump the offer of their Midlands rivals, by inviting Idiakez to become their new assistant manager if a proposed takeover deal goes through.
Last week, reports in Spain emerged that super agent Jorge Mendes is set to broker a deal to buy the Black Country outfit, with former FC Porto head coach Julen Lopetegui sworn in as Kenny Jackett's replacement.
Former Porto head coach Julen Lopetegui
Though initially dismissed by the English media, these have since resurfaced with the Express & Star following Sky in reporting the Iberian trio's possible arrival at Molineux.
Wolves finished 13th in last season's Championship, having failed to recover from the high-profile departures of Bakary Sako and Benik Afobe at various parts of the campaign.
Goalkeeper Andy Lonergan is their only new recruit so far.
Super agent Jorge Mendes with client Cristiano Ronaldo