Wolves boss Nuno is being linked with a return to Spain this summer.
Madrid media sources state the Portuguese is on the shortlist at Atletico Madrid in the event they agree to part ways with Diego Simeone.
There's a growing school of thought that Simeone has completed his cycle with Atletico and it is time for both parties to move on.
Nuno, formerly of Valencia, is high on Atletico's shortlist of potential replacements.
Tottenham manager Jose Mourinho said of his countryman on Friday: "I hope Wolves fans and directors forgive me, but I think he is in a position to do something bigger and I hope that day comes because he is do a fantastic job. He's a very, very good coach."