The Bees have taken a pro-active approach with their transfer business thus far, already signing Mark Flekken as a replacement for goalkeeper David Raya who is likely to depart the Gtech Community Stadium in due course.
Thomas Frank has also witnessed the exit of Pontus Jansson on a free transfer, the Swede having made nine starts and three substitute outings in the Premier League last season.
Although Brentford still have five players at their disposal who can play in the middle of a back three or four, two of those players are now 33 years of age.
That has seemingly led to Brentford's recruitment team entering the market for another younger option with Collins being identified as their priority target.
Collins only left Burnley for Molineux last summer, playing his part in a season where Wolves secured Premier League survival with three matches to spare.
Nevertheless, according to the Express & Star, Wolves are prepared to sell the Republic of Ireland international if their valuation is met.
The Bees are already said to have failed with offers in the region of £20m and £22m in recent days, the second bid a higher fee than Wolves paid the Clarets in 2022.
Nevertheless, it is claimed that negotiations are ongoing with Wolves open to cashing in on the 22-year-old if they receive a proposal closer to £25m.
Collins made a total of 19 starts and seven substitute outings in the Premier League during 2022-23, although many of this appearances from the opening whistle came under Bruno Lage.
Providing that Max Kilman remains at Wolves, Julen Lopetegui will likely begin the season by partnering him alongside Craig Dawson, who has proven to be a major hit since his January transfer from West Ham United.
At a time when Wolves are looking to generate funds to meet FFP criteria and provide Lopetegui with money for new signings, Collins has become an asset that Wolves are prepared to sell.
With Wolves adopting a policy where they will target players below £15m this summer, a cheaper alternative could be signed with Conor Coady also potentially being reintegrated back into the squad after his loan spell at Everton.