Koleosho has scored once in two Championship appearances for Burnley this season, but he was not involved in Saturday's game against Sunderland due to a slight knock.
The 19-year-old has scored twice and registered one assist in 17 outings for Burnley, having made the move to the club from Espanyol in the summer of 2023.
However, according to the Express & Star, his time at Turf Moor could be coming to an end.
The report claims that Wolves are in talks over a move for the teenager, who managed one goal and one assist in 15 Premier League appearances for his current side during the 2023-24 campaign.
Ipswich 'agree deal' for O'Shea
Meanwhile, according to journalist Mike McGrath, Ipswich Town have agreed a deal to sign Burnley defender Dara O'Shea.
The 25-year-old made the move to Burnley from West Bromwich Albion in June 2023, and he turned out for the Clarets on 37 occasions last season, including 33 appearances in the Premier League.
O'Shea has played twice for Scott Parker's side in the Championship this season, but he was not in the squad for the game against Sunderland on Saturday.
McGrath claims that Ipswich have agreed to pay around £15m for the centre-back, who is set to pen a five-year contract with the newly-promoted outfit.
Brentford are believed to have attempted to sign the Republic of Ireland international earlier in the transfer window, but he is now preparing to make the move to Kieran McKenna's side.
Rodriguez 'nearing' Rayo Vallecano move
Elsewhere, Rayo Vallecano are allegedly on the verge of securing a deal for James Rodriguez.
According to journalist Pipe Sierra, an official bid was sent on Saturday, and Rodriguez is now preparing to sign a one-year contract with the option of a further 12 months.
The 33-year-old recently became a free agent, having departed Sao Paulo, and he is now seemingly heading back to Spanish football following a four-year absence.
Rodriguez famously represented Real Madrid between 2014 and 2020, making 125 appearances for the capital giants, scoring 37 goals and registering 42 assists in the process.
The Colombia international has also played for the likes of Porto, Monaco, Bayern Munich and Everton during a well-travelled career.