The 25-year-old spent last season on loan in Serie A with Inter Milan, and despite impressing for the Italians, they are not prepared to meet his €35 million (£30.7 million) release clause, according to Spanish publication Sport.
Wolves boss Nuno Espirito Santo will surely be desperate to bolster his attacking options at Molineux this summer, and Rafinha would be the perfect addition to his squad.
The Black Country outfit are more than capable of challenging the Hammers for the Barcelona ace's signature, considering the exciting project that Nuno is spearheading at Molineux, and they would easily be able to afford the £30.7 million transfer fee.
Rafinha can play anywhere along the front-line, as well as slightly deeper in the central midfield role, and that could prove to be invaluable to Wolves upon their return to the Premier League next season.
The Brazilian is also extremely experienced in playing at the very highest level with both Barca and Inter.
He would provide added competition for the likes of Ivan Cavaleiro and Helder Costa in the wide attacking department at Wolves, and would offer them a much needed injection of quality in the final third.
In today's ludicrously inflated transfer market, £30.7 million for Rafinha actually represent decent value, and for that price, Wolves would be silly not to try and bring him to Molineux this summer.
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