The 24-year-old was heavily linked with a move to Anfield during the summer, but the Reds decided against spending big on a new lynchpin.
Nunes became the latest Portuguese star to arrive at the West Midlands outfit, who paid €45m to bring him to the club from Sporting Lisbon.
The Portugal international is currently under contract at Molineux until 2027 with an option to extend for another year.
Nunes has contributed one assist from 14 Premier League appearances for Wolves.
The Telegraph‘s Sam Wallace reports that Liverpool are now “exploring a deal” to bring the highly-rated midfielder to Merseyside.
The Premier League giants believe that the Portuguese has got a bright future ahead.
The report adds Nunes would likely move to Merseyside at the end of the season if a £44m deal goes through.