The 23-year-old joined Porto on a five-year contract with Primeira Liga rivals Santa Clara last August.
The Nigeria international has made 35 appearances this season, scoring two goals for the Portuguese champions.
According to Own Goal Nigeria, Wolves are closely monitoring Sanusi’s rise in progress and have expressed interest in a possible move this summer.
The West Midlands outfit are said to be looking for more reinforcements ahead of next season after a scorching season that sees them in 12th place in the standings with just six games in hand.
The Nigerian has become a regular on his national team and is expected to compete in the African Cup of Nations finals next year in Cameroon.
Sanusi has a contract until 2025 in Porto.