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The Scottish Premiership champions want to take the left-back on a season-long loan after failing to bring him to Glasgow in January.
The clubs are in talks over the move, but currently there is no agreement in place.
Bueno is behind Rayan Ait-Nouri at Molineux, with the Algerian international clearly becoming first-choice under Gary O'Neil.
Celtic are looking to add players for their title defence next season, having only signed goalkeepers Viljami Sinisalo and Kasper Schmeichel so far this summer.
They had a bid rejected for Norwich striker Adam Idah earlier this month, after the striker spent the second half of last season on loan at Celtic Park and scored the late winner against Rangers in the Scottish Cup final which sealed the league and cup double.
Spain Under-21 international Bueno has made 49 appearances for Wolves - scoring one goal - since joining the club's academy from Areosa in 2019.
He is currently on Wolves' pre-season tour in the United States, where they face West Ham United in Florida on Saturday.
Celtic are also in the States and they play Chelsea in Indiana on Saturday, before their Scottish Premiership opener against Kilmarnock on Sunday, 4 August.
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