Espirito Santo arrived at the Molineux in 2017 and has taken the club from mid-table in the Championship to an established Premier League side.
He also led Wolves to their first European quarter-final in almost 50 years.
But there are growing speculations that the 47-year-old could walk away this summer, despite being contracted until June 2023.
Wolves are preparing for such an eventuality and are already identifying potential replacements.
His compatriot, Mourinho, was sacked by Tottenham after only 17 months in charge earlier this week and is expected to make a quick return to management.
Juventus, Porto and Celtic have also been linked with Mourinho.