According to a report from The Athletic, the 26-year-old Spanish international is set to join Barcelona on a loan deal for the remainder of the season. The Catalan outfit will have an option to buy him permanently at the end of the season for €35m.
Traore is a graduate of the La Masia academy, and it will be interesting to see if he can establish himself as a regular starter for his boyhood club.
It appears that Traore could be a long term replacement for Ousmane Dembele if he manages to impress during his loan spell.
The French international is set to leave Barcelona this month after refusing to extend his contract with the La Liga giants.
Dembele will be a free agent in the summer, and Barcelona are not keen on losing him for nothing. The Spanish club are looking to sell the French winger this month, and he has been linked with a move to the Premier League in recent weeks.
Traore has been linked with Premier League side Tottenham Hotspur as well, but it seems that Barcelona have managed to beat them in the transfer chase.
The Spanish international is an exceptional dribbler, and he will add pace and flair to the Barcelona attack.
However, he will have to improve on his end product to succeed at a top club like Barcelona.
Having played for the Spanish club as a youth player, Traore knows the club well, and he should be able to settle in quickly and make an immediate impact.
The Spanish giants are going through financial difficulties right now, and signing someone like Traore on a loan deal for the remainder of the season seems like a brilliant piece of business.
The Wolves star should be able to improve them in the final third, and he could be a useful option for Xavi Hernandez for the remainder of the season.