The 20-year-old was a regular for the Catalan giants during the 2021-22 campaign, making 37 appearances in all competitions, including 27 outings in La Liga.
However, according to the Daily Mail, Barcelona are open to allowing the Spaniard to depart this summer, which has attracted the attention of a number of clubs.
The report claims that Wolves have entered into discussions with Xavi's side over a move for the youngster, who could arrive at Molineux on an initial loan deal.
Nico, who came through the youth system at Camp Nou, made his Barcelona debut on the opening weekend of the 2021-22 campaign.
Meanwhile, according to ChronicleLive, Newcastle United are considering making a fresh offer for Everton attacker Anthony Gordon.
The Magpies have thus far been frustrated in their pursuit of Leicester City's James Maddison and could allegedly decide to cool their interest in the England international.
Gordon has also been linked with the club this summer, and the report claims that Eddie Howe's team are considering making a new and improved bid for the Everton youngster.
Tottenham Hotspur have also been credited with an interest in the 21-year-old, who featured on 40 occasions for the Toffees in all competitions last season.
Gordon contributed four goals and two assists in 35 Premier League appearances last season.
Elsewhere, Fulham have allegedly been offered the chance to sign experienced centre-back Jason Denayer on a free transfer this summer.
The 27-year-old's contract at Lyon expired at the end of June, meaning that he is available on a free.
According to Football Insider, Fulham, who started their new Premier League campaign with a 2-2 draw against Liverpool, have been offered the Belgium international.
The report claims that Denayer has been recommended to Fulham boss Marco Silva by Belgium manager Roberto Martinez.
The defender has previously played in the Premier League for Sunderland, representing the Black Cats on 24 occasions in England's top flight on loan during the 2016-17 campaign.
Meanwhile, former Manchester United captain Wayne Rooney has urged the Red Devils to sell the unsettled Cristiano Ronaldo before the end of the transfer window.
Ronaldo is believed to be pushing to leave Man United this summer, and his former teammate Rooney has said that Erik ten Hag's side should be looking to move the 37-year-old on.
"I think United should let Cristiano Ronaldo go," Rooney wrote in The Times. "It's not that Ronaldo can't play in a Ten Hag team. He can play in any team. Ronny will always score you goals.
"But my personal view is that United aren't ready to challenge for the title now, so the aim has to be to build a team that can win the league in the next three to four years, and you have to plan for that.
"If the reports are true that Cristiano wants to leave the club, then United should allow him to go and get a No 9 in who is going to be there for the next three or four years and really help them build a team that can be successful. Ten Hag has to be given time to do it."
Ronaldo featured as a second-half substitute in Man United's 2-1 defeat to Brighton & Hove Albion on the opening weekend of the new Premier League campaign.