Sky Sports News now claims that Wolves have not given up hope, though, and are still optimistic of their chances of convincing the 21-year-old that his future lies at Molineux.
Traore was Middlesbrough's player of the year last season with five goals and 10 assists as the Teessiders reached the Championship play-offs. It is a team with a big history and when people tell me I had the possibility of coming here I thought it was great.
A product of the Barcelona youth system, Traore left the Spanish club in 2015 for a stint with Aston Villa.
"After that my mentality is to work every day and be prepared for whatever comes".
Add to that Benik Afobe and Diogo Jota, and Wolves aren't going to relinquish their hard-earned Premier League status without a fight.
Wolves have agreed a deal in principle with City for Ukrainian utility man Zinchenko - who could play at left wing back or central midfield.
In total he becomes the club's fifth signing of the transfer window, with full-back Jonny Castro and forward Raul Jimenez having also been brought in by the Championship winners.