Nuno has worked wonders at Molineux, guiding Wolves to the top of the Championship table, with 10 wins coming in their first 15 league games of the campaign.
And Balague has now suggested that that start to life in England's second tier has attracted the Toffees' attention as they continue their search for their new manager.
But could appointing Nuno - if that ends up happening, which Balague suggests is some way off at least - also prove beneficial in Everton's reported pursuit of one of the most exciting youngsters currently plying his trade in the Championship?
The Daily Mail reported in October that Everton were among the host of sides interested in signing Ruben Vinagre, who is on loan at Wolves from Monaco, and has been linked with Arsenal and Manchester City recently also.
With Nuno bringing Vinagre to Molineux, it would surely be fair to suggest that if the Portuguese ends up heading to Goodison Park, the Toffees' interest will remain and the Premier League side must surely move into pole position to bag his signature.
Vinagre has been excellent for Wolves this term, and appears to be destined to play at a higher level once he has developed his game further, so it would be no surprise if Nuno was keen to pursue a further deal at some stage in the future - even if he has become Everton boss by the time the next opportunity to make a move comes up.