The 21-year-old officially joined Juventus in a deal worth in the region of €7.5m from Ascoli this summer following an impressive spell with the Serie B outfit last term, three-years since his initial loan spell with the Turin giants.
Favilli notched eight goals in 14 games before being struck down by a cruciate ligament injury which ended his season prematurely, but the injury has not deterred Wolves as they have approached Juventus about completing a deal similar to that of Benik Afobe's sale to Stoke City - as per Italian journalist Gianluca Di Marzio.
Afobe joined Wolves from Bournemouth on a permanent deal before immediately being sold to Stoke this summer, a deal the newly promoted side hope to replicate with the Italy Under-21 international.
Super agent Jorge Mendes has been a prevalent figure during Wolves' rebuild and has used his role in Juventus signing Joao Cancelo from Valencia as the perfect stepping stone to sound out the potential of securing Favilli's move to the Premier League throughout negotiations.
The Serie A champions are said to value the 21-year-old, who is regarded as one of the leading young talents in Italy, at £17m.
Favilli was loaned out to the Old Lady's reserve side in season 2015/16 but his impressive performances earned him a senior debut in Serie A during the club's 2-0 victory over Frosinone, where he replaced Alvaro Morata.
Wolves have so far secured Portugal keeper Rui Patricio on a four-year contract and Raul Jimenez on a season-long loan deal from Benfica.