Jota moved to Anfield on Saturday as Jurgen Klopp strengthened his options going forward.
That’s not the only piece of business Wolves have done with the Premier League champions having signed Ki-Jana Hoever from the Reds earlier in the week.
And now the Molineux outfit could make a move for Oxlade-Chamberlain, who could find his chances on Merseyside limited following the arrival of Thiago Alcantara.
The Mirror claim Wolves hope to convince the Reds that there is a deal to be done for the 27-year-old.
It’s believed Liverpool will want to recoup as much of the £25m they paid to take Oxlade-Chamberlain to Anfield from Arsenal in 2017.
The England ace has missed the start of the season after picking up a knee injury during the club’s pre-season trip to Austria.
He signed a new long-term contract at Liverpool last summer having spent plenty of time on the sidelines with injuries.
Despite Thiago’s arrival, Klopp isn’t worried about keeping all of his midfield stars happy this season.
“They cannot all play in the same moment, that is true but you cannot keep a player happy by yourself. I am not worried about that,” said Klopp.
“If we have more than three midfielders, for example, and we play 4-3-3, then a couple of players will not start or come on, that is always the case.
Get the latest transfer news straight into your inbox!
Want to be on the ball with all of the latest football news?
Well then sign up for the brilliant new Daily Star Sport email newsletter!
From the latest transfer news to the agenda-setting stories, get it all in your email inbox.
How do you sign up?
It only takes a matter of seconds.
Simply type your email address into the box at the top of this article and hit 'subscribe'.
And that's it, job done. You'll receive an email with all of the top news stories every single morning.
You can find out more information on our email newsletter on this link here.
“Some don’t have the opportunity to come on and that is the squad for a matchday, that is how it is.
“If everyone is fit, rotation is absolutely necessary because it just doesn’t work otherwise.
“We just have to try and make sure we can deal with this situation. So yes, I want my players happy but we cannot make them happy. They are a big part of that as well.”