According to a report from O Jogo this week, Vinagre was set for a loan switch to Braga, yet negotiations between the Portuguese giants and Wolves collapsed at the final stages.
However, Vinagre is still set to play in Portugal, being set to join rivals Famalicao on loan, partnering with fellow Wolves loanee Bruno Jordao.
The left-back was sent out on loan to Olympiacos at the start of the season with Wolves signing young French wing-back Rayan Ait Nouri from Angers, with Vinagre being seen as a replacement for Kostas Tsimikas, who joined Liverpool from Olympiacos in the summer.
The 21-year-old failed to start regularly for Olympiacos, not even featuring regularly in the 18-man squad, let alone start.
Since his loan move, he has made just four appearances in all competitions for Olympiacos, with two of them coming in the UEFA Champions League.
The loan move to Olympiacos reportedly had a £22.5 million buyout option, and there are no reports over whether the loan to Famalicao will have a similar option included in it.
In March, Wolves manager Nuno Espirito Santo called Vinagre 'special', commenting on the talent that the Portuguese full-back has.
Right now, Vinagre is not needed at Wolves, and a loan move away from the club to get some more minutes will be of great aid to the club.