The West Midlands outfit have endured an indifferent start to the new Premier League campaign, initially failing to win any of their opening 10 matches.
However, Gary O'Neil's side have since overcome Southampton and Fulham to move just outside of the relegation zone.
Cunha has been the undoubted star performer for Wolves this campaign, the Brazil international contributing seven goals and three assists in the top flight during 2024-25.
Meanwhile, Semedo has featured on 10 occasions at right-back, producing some of his best form in a Wolves shirt since O'Neil's arrival in August 2023.
Nevertheless, the futures of both players are due to come under the microscope for different reasons, with Wolves seemingly already knowing how they wish to act.
Cunha to be offered new contract?
According to The Telegraph, Wolves are keen to agree a new lucrative contract with Cunha in an effort to stop interest emerging in his signature.
Cunha is currently on terms that run until 2027, Wolves already in a strong position to fend off any imminent bids for the 25-year-old.
With Cunha having contributed 23 goals and 12 assists from 69 appearances, though, there is a desire to reward the versatile attacker for his impact at Molineux.
Wolves have generally been prepared to sell their star men should they be presented with a chance to make a profit, yet it would realistically take an offer worth at least £60m for Wolves to consider cashing in on a player who cost £44m.
Semedo likely to leave Wolves?
Meanwhile, there is said to be an expectation that Semedo will be allowed to leave Wolves on a free transfer at the end of the season.
The Portugal international has proven to be a valuable player since arriving from Barcelona in 2020, making a total of 156 appearances in all competitions.
However, now at the age of 31 and one of the top earners in the squad, Wolves are currently of the opinion that they are prepared to let Semedo depart the club.
Young Brazilian Pedro Lima, who was signed in the summer, is viewed as a ready-made replacement with Wolves having signed the 18-year-old for €10m in July.