Wolves are understood to be one of the leading Premier League clubs trying to stop Manchester City from playing in the Champions League.
City were handed a two-year ban from European competition by UEFA in February and fined £25m for breaching Financial Fair Play rules.
The Premier League champions are currently awaiting the result of their appeal.
City have denied any wrongdoing and have appealed to the Court of Arbitration for Sport (CAS), but their domestic rivals have now clubbed together to oppose them.
Wolves are one of eight out of the current top 10 clubs in the Premier League table – all apart from City and Sheffield United – believed to have submitted a joint application to CAS.
Each club has written separately to the same law firm, which addressed an application to CAS that was backed by all eight teams – Liverpool, Leicester City, Manchester United, Chelsea, Arsenal, Tottenham, Wolves and Burnley.
The clubs are objecting to the possibility of City requesting that their two-year Champions League ban is put on hold while the appeal is ongoing, which could therefore allow them to compete next season.
However, the report adds that City are understood not to have submitted such a request yet.
If City are banned from Europe, an additional Champions League place would be freed up. So assuming City remain in the top four, if and when the season resumes, the team finishing fifth would qualify for the Champions League and the club ending up in sixth would go into the Europa League.
Wolves are currently sixth with nine games left, two points below Manchester United in fifth.
City, Sheffield United and Arsenal have all played a game less than the other teams in the top 10.
A source told the Daily Mail: “The feeling is that enough is enough. For too long, City have been able to get away with breaching the rules at the expense of at least one other club that has been unable to get into the Champions League.
“The fear is they will be able to delay any punishment and — should they win the appeal — get off scot-free, which would be outrageous.”
Both City and CAS have declined to respond to the report.