John is set to return to Portuguese side Benfica after failing to make much of an impact at Molineux, making just two substitute appearances in the Championship so far this season, although he has been hampered by a hamstring problem in recent months.
Benfica are keen for the 24-year-old to get regular first-team action and reports say they want to recall him and then send him back out on loan, this time to Spanish side Deportivo La Coruna.
Meanwhile, Manchester United defender Borthwick-Jackson is also likely to head back to Old Trafford this month after failing to feature under current boss Paul Lambert.
Joao Teixeira, also on loan from Benfica, could also see his loan cut short, while the club are considering allowing Jed Wallace Paul Gladon to leave on temporary deals.
Southampton have announced plans for a two-week tour of China as part of their pre-season preparations for the 2018-19 season.