Neves was part of the Portuguese squad which was eliminated at the group stages of the Under 21 European Championship in Poland.
He would become the most expensive player in the club's history. The 20-year-old has won two senior caps. He is the youngest captain in Champions League history.
He captained his booyhood club at the age of 18 years in October 2015. Wolves are also eyeing another player, Porto's French centre-back Boly. They are interested in a season-long loan with an option to buy.