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 - pictured at the Mount Hotel yesterday - will pen a long term deal and become Wolves' fourth record signing in the past two years.
Adama Traore has completed his move to Wolves.
Loan moves have been touted for defender Kortney Hause and possibly Bright Enobakhare but Wolves will wait and see who they bring in first before letting anyone go, with the EFL loan deadline not closing until the end of the month.
He scored five goals and provided ten assists last season.
Nuno Espirito Santo's side will open their Premier League campaign at home to Everton on Saturday evening as they return to top flight action for the first time since suffering relegation in 2012-13.
The club had lined up a medical for him on Thursday afternoon, but Zinchenko has not left Manchester, and it is understood he wants to stay at City and fight for his place.
Boro boss Tony Pulis was keen to keep hold of the wide-man, but is set to be left disappointed, with Premier League football the order of the day for Traore.
The Spain Under-21 worldwide joins fellow close-season recruits Rui Patricio, Jonny, Joao Moutinho and Raul Jimenez at Molineux with Wolves opening their top-flight campaign at home to Everton on Saturday.
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