Traore came through Barcelona's La Masia academy, where he spent 11 years before joining Aston Villa in 2015.
He told Jugones (h/t Goal's Ryan Benson) he would have no qualms about joining their rivals, although it seems he would prefer a move back to the Camp Nou: "If I do not have the option of Barca and I have to go to Real Madrid, I do not close any doors."
Asked about returning to his native Spain, he added: "Yes, why not. But I made a promise to become one of the best in England."
The 23-year-old joined Barcelona as a child in 2004. He made 63 appearances for Barca's B team but just four senior appearances.
On his departure from the club, he said: "There was a misunderstanding with Barca. Something happened that I didn't like, but I prefer to keep it for myself."
The winger spent a year with Aston Villa, but injuries restricted him to just 12 first-team outings in that time. He joined Middlesbrough in 2016 and contributed five goals and 13 assists in 71 appearances before moving to Wolves in 2018.
Traore's biggest strength has always been his incredible pace, but he's often struggled for an end product.
Per The Athletic's Tim Spiers, Traore has finally matched the two this season:
He contributed a goal and an assist as Wolves came from behind to beat Manchester City 3-2 on Friday:
Goal shared the numbers behind his performance:
It is not the first time he has punished Pep Guardiola's side this season. In October, he scored both goals as Wolves recorded a 2-0 win over City.
According to Bleacher Report's Dean Jones, his former club are among those keeping an eye on his development:
With Luis Suarez and Lionel Messi both 32, Barca don't have as much pace in the final third as they used to. Ousmane Dembele is their quickest attacking asset, but hamstring injuries have limited him to just nine appearances this season.
Traore plays on the right, though, so unless he's able to be similarly effective on the left flank, a return to Barca would be complicated by the fact that he and Messi both operate in that area.
As for Real, he could serve as a long-term replacement for Gareth Bale at the Santiago Bernabeu, as the 30-year-old isn't quite as explosive as he once was.
However, before a potential step up to a more illustrious club, Traore still needs to show he can sustain his productivity at Wolves over a longer period than half a season.