Since Wolves' promotion to the Premier League in 2018, Jonny has been one of the club's most consistent and important players.
Despite two serious knee injuries, the Spain international has made 134 appearances in all competitions, but the likelihood is that he has played his last game for the West Midlands outfit.
At the end of November, Jonny was involved in a training ground incident, one that has resulted in him being banished from the first-team picture ever since.
Although Gary O'Neil recently hinted that conversations may be had over a return to the senior picture if a move cannot be facilitated, the preference for Wolves is to find the 29-year-old a new club.
Celta Vigo recently held an interest in their former player before they eventually made the decision to sign Javier Manquillo from Newcastle United instead.
However, it emerged over the weekend that PAOK were monitoring the situation ahead of either trying to bring in Jonny in January or in the summer.
According to the Express & Star, discussions have been held between the Greek outfit and Jonny's representatives in recent days.
PAOK are allegedly making progress in their efforts to agree personal terms with the versatile full-back in a bid to secure his services as soon as possible.
Razvan Lucescu's side currently sit in first place in the Greek top-flight standings, but only six points separate them from fourth-placed Olympiacos.
They are also in the last 16 of the Europa Conference League, and Jonny is seemingly viewed as someone who can add quality and experience to the squad.
The report suggests that the clubs are yet to reach an agreement over a fee, yet Wolves are known to be keen to boost their FFP position before the end of the month.
Jonny has not played for Wolves since being introduced as a late substitute during the 2-1 victory over Manchester City on September 30.