The 19-year-old winger, who plays for Chilean top flight side Universidad de Chile, has been on Wolves’ radar for some time and they considered a move for him last summer.
Wolves are yet to make contact over signing the teenager, but he is among a number of exciting talents that the club admires and would consider moving for.
With Wolves eager to recruit young and hungry talent this summer, or those with a point to prove, Osorio fits that bill. The club have also made more moves in the South American market in recent years as they look to recruit the next rising stars.
Wolves may also face competition if they do decide to make a move, with Spurs and AC Milan both linked to the forward.
Meanwhile, Matija Sarkic could depart this summer if Wolves receive a suitable offer for the goalkeeper.
It is understood that reports suggesting Stoke are in advanced talks for Sarkic are wide of the mark and the Potters are yet to make any contact.
However, Wolves would be open to letting the 25-year-old leave on a permanent deal, or another loan move in the coming months.
Sarkic, who had a superb spell on loan at Birmingham last season, played eight times for Stoke after joining them in January, with an injury limiting his game time at the Championship club.
