The 21-year-old was initially loaned to Molineux for the 2020-21 season, during which he competed with Marcal for the left-back berth under Nuno Espirito Santo.
Ait-Nouri initially had a hard time establishing himself as a regular starter, but Wolves nevertheless opted to sign the defender permanently from Angers in a £9.9m deal last summer.
Ait-Nouri ultimately became Bruno Lage's first-choice on the left-hand side and ended the 2021-22 Premier League season with a goal and four assists from 23 appearances - 20 of which came from the start.
Chelsea and Manchester City have both been tipped to do battle for Ait-Nouri this summer, but Wolves can drive a hard bargain over a fee, as the France Under-21 international is under contract until 2026 with the option of a further year.
According to The Sun, Wolves have slapped a £45m price tag onto the head of Ait-Nouri, but the West Midlands club will not block a potential exit should the right offer arrive.
The report adds that Thomas Tuchel has already submitted an enquiry over Ait-Nouri, who has totalled two goals and seven assists in 51 appearances for Wolves across all competitions.
Brighton & Hove Albion are also said to have contacted Wolves over the left-back, but his hefty price tag could put Graham Potter's side off a summer move.
Brighton are fighting an uphill battle to keep hold of current left-back Marc Cucurella, who enjoyed a stellar debut campaign in the Premier League after arriving from Getafe.
Man City are thought to be the leading contenders for the Spaniard, and the Premier League champions must seemingly decide whether to pursue Cucurella or Ait-Nouri.
Cucurella's agents have supposedly flown to the UK to hold talks with Man City, who have struggled to fill the left-back slot on a consistent basis since Benjamin Mendy's police charges and subsequent club suspension.
Joao Cancelo would often hold the fort on the left last term over Oleksandr Zinchenko, who has been linked with a summer move to Arsenal, although such talk has cooled in the past couple of weeks.
Meanwhile, Chelsea left-back Ben Chilwell managed to return from knee surgery before the end of the season, but Marcos Alonso's time at Stamford Bridge may very well be up.
The 31-year-old is out of contract in the summer of 2023, and he has confirmed his desire to return to his homeland and play in La Liga amid interest from Barcelona.
La Blaugrana are supposedly willing to offer Sergino Dest as part of a deal to sign Alonso, with the USA international struggling to displace Dani Alves in the first XI during the second half of the 2021-22 season.