In 2021, the Premier League outfit won a hotly-contested race to secure the signature of the defender, the hope being that he would develop into a key centre-back.
As it stands, though, the 22-year-old has been restricted to just one eight-minute appearance, a result of a hamstring injury being sustained against Tottenham Hotspur in the EFL Cup and a loan period being spent at FC Cincinnati.
The spell in MLS proved to be an overwhelming success, Mosquera making a total of 35 appearances in all competitions and helping guide his side to first place in the Eastern Conference standings.
Mosquera subsequently returned to Wolves on the back of Cincinnati losing in the Conference final of the MLS Cup playoffs, and he has since been considered for first-team selection.
Gary O'Neil has named Mosquera on the substitutes' bench for the two FA Cup fixtures with Brentford without handing him any further minutes in the first team.
Rather than retain the services of the Colombia international, AS claims that Wolves and O'Neil have given the green light for him to make a temporary switch to Villarreal.
The Yellow Submarine have endured a desperately disappointing campaign in La Liga, currently sitting in 14th position with the second-worst defensive record in the division.
As a result, head coach Marcelino Garcia Toral has reacted in the transfer window by completing the loan addition of Goncalo Guedes, another Wolves player.
While the Portugal international has been acquired to help the attack, Mosquera is on the brink of being added to Marcelino's defensive options.
Mosquera will seemingly be handed regular minutes in Spain's top flight, something deemed more beneficial than being fifth-choice centre-back at Molineux.
Villarreal will hope to have Mosquera available for their next league encounter, a trip to face Barcelona, as they bid to ease any lingering concerns regarding relegation.
Wolves still remain in a strong position with the future of Mosquera, who has a contract until the end of the 2025-26 campaign.