The 26-year-old is allegedly available for a cut-price fee this summer, as he has just 12 months remaining on his contract at Molineux.
David Moyes is understood to have expressed his interest in signing Traore back in January before the Spaniard when on loan to Barcelona for the second half of the 2021-22 campaign.
Traore was valued in excess of £20m at the beginning of this year, but with his valuation dropping to just £10m, Hammers.News claims that Moyes could make a move for the winger this summer.
West Ham could, however, face competition from Everton to sign the eight-cap Spain international, who contributed with just one goal and four assists in 20 games for Barca last season.
Moyes is in the market for attacking reinforcements and the Hammers have also been linked with the likes of Villarreal's Arnaut Danjuma, Sassuolo's Gianluca Scamacca and Chelsea's Armando Broja this month.