The move comes just hours after the Premier League champions secured the signing of Thiago Alcantara from Bayern Munich in a deal that could be worth up to £25m.
Jota's arrival at Anfield could be made easier by Liverpool defender Ki-Jana Hoever moving to Wolves in a deal worth £10m, plus add-ons.
Jota left Molineux before kick-off against Stoke in the Carabao Cup on Thursday and was an unused substitute at the weekend in the 2-0 win at Sheffield United.
Liverpool teenager Hoever, who has appeared four times for Jurgen Klopp's side, can play right wing-back, right-back and centre-back - all positions which Wolves are looking to strengthen during this transfer window.