The Premier League club’s sporting director Matt Hobbs has confirmed that 36-year-old Portuguese midfielder Moutinho and Brazil-born Spanish striker Costa, 34, will officially depart at the end of this month.
Hobbs told the club’s official website: “Joao’s going to go down as one of the best players to ever pull on the old gold, in my opinion.
“He was an integral part of the team the entire time he was here. Our success over the last four or five years, he’s been instrumental in. So, he now departs with nothing but thanks from the football club.
"Seen by many as one of the greatest players to ever pull on the old gold shirt, Moutinho brought a new level of professionalism and optimism to the club when he signed in 2018."
Thank you, @JoaoMoutinho 🍷
— Wolves (@Wolves) June 2, 2023
“We thank Joao for all he did at Wolves and wish him the best of luck for the future.”
Moutinho joined the club from Monaco in July 2018 and made 212 appearances for Wanderers.
On former Atletico Madrid and Chelsea frontman Costa, Hobbs added: “It feels the natural time to part ways because he was on a one-year contract. There was some internal conversations and we felt this was right.
“I’ve got no doubt that Diego will get another club off the back of his performances for sure. If a club calls me to ask about the person, he’ll get nothing but praise from me.”
Traore, however, could yet have a future at Molineux with manager Julen Lopetegui keen to keep the 27-year-old and discussions are ongoing.
Hobbs said: “He’s now out of contract, but it doesn’t mean there’s not an opportunity to still come to an agreement, so conversations will be ongoing. He’s probably earned the right to understand what else is out there.
“Sometimes it’s not possible, but we’ll certainly be trying. We hope we can come to an agreement but let’s see what happens over the next few weeks.”