Felix, who has scored nine times in 23 appearances for the Portuguese club during the 2018-19 campaign, is seen as one of the brightest young talents in European football.
Liverpool reportedly failed with a £61m bid for Felix during the January transfer window, while Manchester United are believed to have scouted the Portugal Under-21 international in recent weeks.
Felix recently revealed that he is already thinking about leaving Benfica and hinted at a move to Juventus to play alongside his "idol" Cristiano Ronaldo.
Meanwhile, Real Madrid and Barcelona have also reportedly recently joined the race.
According to The Mirror, though, Wolves incredibly are the favourites to land Felix to due the club's link with super-agent Jorge Mendes, who has direct control over the teenager's future.
Felix has scored seven times and registered three assists in 13 league appearances this season.