The left-sided player has developed into one of Wolves' key men in his four years at Molineux, the first 12 months being on loan from Angers.
A total of seven goals and eight assists have come from his 116 appearances in all competitions, either from full-back, wing-back or as a winger.
However, with two years remaining on his contract and widespread interest from elsewhere, it is plausible that a sale could materialise during the summer transfer window.
According to journalist Abdel Hamed, who was writing on X, Liverpool have emerged as the frontrunners for the Algeria international's signature.
Wolves set asking price for Ait-Nouri
Nevertheless, it remains to be seen whether the Merseyside giants will be prepared to meet Wolves' valuation for the 23-year-old.
As per La Gazette du Fennec, Wolves are willing to accept bids of €45m (£38.10m) over the coming months.
While the fee appears fair given that clubs such as Manchester City and Chelsea have also been linked, Wolves cannot afford to set their asking price too low.
Ait-Nouri's former club Angers are due 50% of any fee having agreed to allow Wolves to sign him for £9.8m three years ago.
Wolves' current stance means that they stand to make just the £10m profit on Ait-Nouri at most, despite his reputation having been significantly enhanced during his time in the West Midlands.
Will Liverpool meet asking price?
Liverpool already have Andrew Robertson and Kostas Tsimikas at their disposal on the left-hand side of their backline.
However, with Robertson now 30 years of age and his understudy seemingly not likely to take his spot in the team on a regular basis, Liverpool are considering alternatives.
The sale of Tsimikas would likely be required if an approach for Ait-Nouri was made, although the Greece international still has three years left on his contract.
Owen Beck, now 21 years of age, has also shown promise at left-back and may be considered for a place in Arne Slot's squad.