The 33-year-old will be a free agent when his contract expires in the summer, with the Premier League and Ligue 1 clubs seeing him as a decent addition to their respective squads, especially given there would be no transfer fee involved.
Flamengo, who were runners-up in the Brazilian top flight in 2018, are also understood to be keen on taking Filipe Luis back to his homeland in the summer, although he wants to remain at Atleti for at least one more season.
He will, however, consider his options, with Flamengo willing to offer a favourable two to three-year contract, while he would only likely be handed a one-year extension at the Wanda Metropolitano, if Diego Simeone's side grant him an extra year.
The lure of PSG is obvious, even though Filipe Luis may not play week in, week out for the Ligue 1 champions.
Indeed, there had been interest in the left-back in the past from the Parisians, although he announced that, despite asking for permission to speak to the club in 2018, Atleti blocked the move and claimed they would not be able to sign a replacement in time.
Wolves, meanwhile, will hope Jorge Mendes, who shares a positive relationship with Atletico Madrid chiefs, is able to convince Filipe Luis to make the switch to the Premier League.
The former Chelsea man previously spent a season in England at Stamford Bridge although he failed to cement a regular spot in the Blues XI under then-manager Jose Mourinho and was sold back to Atleti in 2015.
While Filipe Luis's future at Atleti is undecided, one man who will definitely be leaving in the summer is star forward Antoine Griezmann.
Diego Godin and Lucas Hernandez are also departing, with the latter having already agreed a move to Bayern Munich, while Thomas Partey, Rodri, Saul Niguez and Juanfran have also been linked with moves elsewhere.