The versatile pacy wing-back has been in fine form for Nuno Espirito Santo’s men this season, scoring five goals and providing 10 assists.
His form has seen him linked to a number of European clubs, including Barca where he started his career.
The forward admitted he is happy with Wolves, who currently compete in the Europa League, but will not shut the door on the Spanish giants if the opportunity arises.
"It wouldn't be a problem for me [if Madrid called], I don't close my door to anything," Traore told Spanish newspaper La Vanguardia.
"Right now I am very happy where I am, the team and the people are fantastic.
"Being in Europe is a new stage for us and the physiotherapists work incredibly hard on ensuring our recovery [between the extra games].
“Offers from Madrid or Barca will come when they come, but my mentality is to continue growing as a player."
Wolves will take on Espanyol in the first leg Round of 32 of their Europa League game on Thursday night and Traore does not see his side as favourites.
"We have a great opponent ahead of us; the challenge is exciting. The favourite tag is put on by others. Our mentality is to fight for 90 minutes," he added.
Early this month, the 24-year-old, who is eligible to play for Mali and Spain, admitted he is yet to decide on his international future.