Jota has been one of Wolves' star performers this season as they again push for a European spot in the Premier League, scoring 15 goals and creating six more across all competitions.
The 23-year-old joined Wolves from Atletico in 2017, initially on a season-long loan deal before making the move permanent in 2018.
Spanish outlet Marca claims that Los Rojiblancos now want Jota back, though, and are hopeful that a bid of €35m (£31.3m) will be enough to prise him away from Molineux.
Jota failed to make a single first-team appearance during his first spell with Atletico, joining from Pacos de Ferreira in 2016 but being shipped out on loan less than two months after his arrival.
The striker has since impressed enough to earn two caps for Portugal, scoring 43 goals in 120 appearances for Wolves across all competitions.