Spurs are keen on signing the 25-year-old Spain international and are understood to have had a £15million bid rejected earlier this week.
But the PA news agency understands talks are still ongoing as the London club try to finally land a player they also tried to sign in the summer.
Traore, who is out of contract next summer and will not be renewing at Molineux, has been identified as a target by managing director of football Fabio Paratici, with boss Antonio Conte intending to turn him into a right wing-back.
Despite the speculation, Traore is part of the Wolves squad that is travelling to London for Saturday’s Premier League game.
Boss Bruno Lage said: “We have a top player with us, a lovely guy.
“I remember how much Tottenham protected Harry Kane at the beginning of the season. And we will protect our player because we believe a lot in Adama.
“That is business. It’s not my concern. But I will protect my players. The way they work, the value for me is very high.
“I don’t see any difference in his behaviour, his mentality, the way he works. So I’m happy with him. He continues to be the same player.
“He just has one more year left. The club talk with him and he talks with them and they will decide the future. I’m happy with him, it’s the only thing I can say. He’s focused, he’s ready.”
When asked if the uncertainty over Traore made it difficult to plan ahead, Lage added: “I don’t think about it, I just think about the next game.
“It will be a hard game and we try to prepare in the best way because Brentford are a strong team to play against, especially at home.
“My attention and focus is every time on the next game and I don’t think about if Adama stays with us or not. For now, he’s with us so I’m preparing the game with him.”
Wolves will still be without injured players Jonny Castro Otto, Pedro Neto (both knee), Willy Boly (calf), Hwang Hee-chan and Yerson Mosquera (both hamstring) on Saturday.
Defender Romain Saiss remains with Morocco at the Africa Cup of Nations but Lage will be boosted by the return of midfielder Ruben Neves and Dutch defender Ki-Jana Hoever, who are both back from Covid-19 isolation.
The Portuguese confirmed Spanish defender Otto and midfielder Bruno Jordao were back training, while forward Neto hoped to return in around two weeks.
Wolves, eighth in the table, have dropped only two points in their last four Premier League games and are six points behind fourth-placed West Ham with two games in hand.