The 21-year-old versatile midfielder had been linked with a move to Molineux earlier in the summer, before suggesting he wanted to stay and fight for his place at the Etihad Stadium.
But Wolves have moved a big step closer to landing ex-Barcelona and Villa man Traore.
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Wolverhampton Wanderers have strengthened their squad by signing Spanish winger Adama Traore from Middlesbrough on a five-year contract, the promoted Premier League side said on Wednesday. But Traore's transfer fee will eclipse that, with the Premier League newcomers set to add yet another piece in what has been an active window on their end.
Last season's Championship title winners are ready to trigger the 22-year-old's release clause to push the deal over the line.
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The Spain under-21 global began his career at Barcelona where he found first-team opportunities hard to come by.
Traore becomes Wolves' fifth summer summer following the arrivals of Rui Patricio, Jonny Castro Otto, Joao Moutinho and Raul Jimenez. Capable of operating anywhere on the left as well as in the central midfield, Zinchenko could have been a splendid signing for Nuno Espirito Santo's camp.
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After failing to score in 27 Premier League appearances when Boro were relegated in 2017, he scored five goals in 36 matches as Tony Pulis' side were beaten by Villa in the play-off semi-final.