The 23-year-old was omitted from Nuno Espirito Santo's squad for Thursday's League Cup defeat to Stoke City for unspecified reasons, the manager simply declaring: "he wasn't available".
But the grounds for his absence may well have become clearer after it emerged that he is the subject of interest from the Premier League champions.
The Reds are keen to bolster their attacking options and had been keeping tabs on Watford forward Ismaila Sarr .
However, with the Hornets keen to secure at least £40m for the Senegalese, Jota has emerged as an alternative target.
The 23-year-old has scored 16 goals in 67 appearances in the top-flight since helping Wolves gain promotion in 2017-18 on loan from Atletico Madrid.
In a separate deal, Wolves have entered talks with Liverpool over a deal for defender Ki-Jana Hoever.
The 18-year-old, who joined the Reds from Ajax in 2018, has been targeted by Nuno Espirito Santo as he looks to plug the gap left by Matt Doherty's departure to Tottenham.
Capable of playing at both right-back and centre-back, Hoever is valued at around £10m by Wolves.
However, Standard Sport understands that the Premier League champions would hope to secure a figure in excess of that, inclusive of add-ons.
That would represent a hefty fee for a player who has made just four first-team appearances at Anfield, all coming in the domestic cups.