West Ham had long led the betting to be Mario's next club, with the midfielder tipped to leave Inter Milan this summer.
Mario to Wolves would certainly make sense, given the Black Country club's heavy Portuguese contingent - although unlike many of those, the 25-year-old is no longer a client of Jorge Mendes, the agent who has aided much of Wanderers' recent overseas business.
Nuno Espirito Santo's team have also been linked with a move for the Manchester City midfielder, Oleksandr Zinchenko, within the past week.
Mario played 14 times for West Ham during the second half of last season, scoring two goals and set up another.
Whether or not the Hammers seek to bring him back to the London Stadium remains to be seen, however, after their recent change of manager and signing of another central midfielder, Jack Wilshere.