Lopetegui is the new Spain coach
The Basque coach was unveiled as Vicente Del Bosque's Spain replacement on Thursday, having been strongly linked with a move to Wolverhampton Wanderers.
The Black Country club were later sold to Chinese investors Fosun Group, a deal in which Portuguese super agent Jorge Mendes is said to have been involved.
Mendes with client Cristiano Ronaldo
According to the Birmingham Mail, Mendes is a close associate of Carlos Butzer, who is understood to be Loptegeui's agent, and as such the former Porto head coach was expected to replace Kenny Jackett at Molineux.
"I had an agreement with an English team but Spain appeared and there was nothing more for me," Lopetegui said as quoted by the Express & Star.
Another Midlands club, Nottingham Forest, were also linked with Lopetegui earlier this summer, after Pedro Pereira was sworn in as director of football at the City Ground.
Lopetegui played for both Real Madrid and Barcelona
Pereira spent last season at Fiorentina, but worked for Primeira Liga outfit SC Braga for 13 years previously.
Forest, who at one stage were the only Championship club without a manager, eventually hired Frenchman Philippe Montanier at the end of June.
Ex-Real Sociedad boss Montanier has taken the reins at Forest