According to a report from Football Insider, the Portugese left-back is wanted by Benfica, seeing him as a potential transfer target for the summer transfer window.
The 22-year-old joined Portuguese side Famalicao in January after having an unsuccessful loan spell during the first half of the season with Olympiacos.
Whilst Vinagre is set to return to Wolves at the end of the season, he could also be set for a permanent move away from the club.
The report claims that Wolves are aware of the 'strong interest' from Benfica for the versatile full-back, who is able to play as a wing-back as well.
Vinagre's contract expires in 2024, but he could be set to move back to his homeland in order to revive his career after a mixed start to life in Wolverhampton.
He was seen as a starter at the beginning of the season, starting two Premier League games at left-back, but Wolves sign Rayan Ait-Nouri on loan from Angers right at the end of the summer transfer window, which prompted Wolves to loan out Vinagre to Olympiacos less than a day after.
Vinagre has been a mainstay in Famalicao's team, starting all 14 of their league games ever since he arrived.
According to transfermarkt, he is currently valued at around €5 million, with his value dropping off massively after his unsuccessful loan spell in Greece.