Doherty left Tottenham Hotspur to join Atletico Madrid in January on a short-term deal and he is currently available on a free transfer.
Julen Lopetegui wants to add an experienced right-back to his squad and is interested in signing the 31-year-old.
Wolves already have Ki-jana Hoever and Lembikisa in the right-back position and the latter is attracting interest from several League One outfits, including Port Vale and Burton Albion.
Now it has been claimed that Doherty’s arrival might facilitate a loan exit for the 19-year-old.
Lembikisa, who is a product of the Wolves academy, made four senior appearances for the Midlands outfit last season.
The young right-back is rated highly by the Wolves hierarchy and Lembikisa is currently representing Jamaica in the CONCACAF Gold Cup.
Wolves have yet to receive any official loan offer for the youngster and it remains to be seen whether the Midlands outfit will be able to conclude the Doherty deal.