According to a report from Spanish publication Sport, the two Premier League clubs are the favourites to land the Spanish winger's signature this summer.
Embarba was crucial in Espanyol's title-winning season as they won the Segunda Division and secured promotion back to the top-tier of Spanish football, scoring nine goals and providing 14 assists throughout the season.
Shockingly, Embarba is not one of the highest earners at Espanyol, and while he might want to sign a new contract with Espanyol to get a pay rise, moving to the Premier League or else to La Liga, where he is wanted by Levante and Real Betis, might be more attractive options.
However, Embarba is already 29, and so Premier League clubs might want to sign him, but not for a large fee due to his limited resale value, especially since he has never played in the Premier League.
The Spaniard has never played outside of Spain, and he has played a large part of his career in Spain's second-tier, with most of his career being with Rayo Vallecano.
Embarba might be a decent signing for West Ham, who are keen on adding some firepower due to Jesse Lingard's loan spell ending and with them not replacing Sebastien Haller yet.
Despite this, they still need to look at other options in order to find a striker to rotate Michail Antonio with, and with Embarba being predominantly a wide player, they have to scout the market even more to outline better options.
Wolves on the other hand want to strengthen their overall squad, especially since the departure of Nuno Espirito Santo could lead to some of his favourites possibly leaving this summer, including the likes of Adama Traore, who is being linked with a move away this summer.
With Daniel Podence and Pedro Neto struggling with injuries recently, Embarba might be able to add some depth and experience to the squad.
Embarba is currently valued at just €7 million (transfermarkt.com) and signing him could prove to be a steal if he performs at the top-level.