According to Tuttosport (via Sportwitness), the player has not been a regular starter at the club since the arrival of Zlatan Ibrahimovic.
The 21-year-old needs to play more often at this stage of his career but a move to Wolves might not be able to provide him with that option. He will have the likes of Jimenez ahead of him in the pecking order.
The report adds that Leao wants to stay in Milan and the club are not keen on selling him either.
It will be interesting to see what happens in the coming weeks.
Leao is a highly rated player and he has a big future ahead of him. Milan would be foolish to let him leave right now. He could be a star for them in the long run.
The youngster has shown great form since the restart and if he continues to play that way, he could soon get his starting berth back.
Also, Ibrahimovic is 38-years-old and he will be phased out soon. There is no reason for Leao to leave the club right now. A bit of patience and hard work in training could sort out his issues with regular game time soon.
The youngster has 5 goals in 10 Serie A starts so far.