Wolves' Conor Coady was a regular last season
Wolves are set for a squad overhaul following last week's £30 million takeover at the hands of Fosun international, with super agent Jorge Mendes heavily involved in the club's recruitment drive.
And the report claims Coady, who arrived at Molineux last summer in a £2 million deal from Huddersfield Town, could be one of the new regime's first casualties.
Super agent Jorge Mendes with client Cristiano Ronaldo
The 23-year-old has found himself frozen out this pre-season, according to his agent James Lippett, who told Talksport: "Conor has been outstanding over the past two seasons in the Championship.
"I have no idea why he has suddenly fallen down the pecking order at Wolves, but I’m sure that there will be good clubs that will want Conor if Wolves do not."
And Lippett appears to be spot on with his claim.
Newcastle's alleged interest certainly makes sense, with Coady having risen through Liverpool's youth ranks while Rafa Benitez was manager at Anfield.
Rafa Benitez being unveiled as Liverpool manager
However, the Spaniard recently added a defensive midfielder to his squad in the shape of Arsenal youngster Isaac Hayden, with QPR boss Jimmy Floyd Hasselbaink doing likewise with Ariel Borysiuk and Jordan Cousins.
A move to beaten play-off finalists Wednesday could be an attractive option for Coady, who spent a season in the Steel City with Sheffield United before his move up the road to Huddersfield.
Conor Coady (left) reached the FA Cup semi-final with Sheffield United