Wolves are in talks with Premier League rivals Stoke City regarding a £3million deal for striker James Beattie.
The former England international's future at the Britannia Stadium has been uncertain since an alleged bust-up with manager Tony Pulis after last month's defeat at Arsenal.
He has also struggled to replicate the form he showed last season upon his arrival at Stoke from Sheffield United when he scored seven goals to help secure the club's Premier League status.
This season, however, Beattie's only goals in 18 top-flight appearances were a brace in the 2-1 home win over West Ham United in October.
The 31-year-old could now be offered a move away from the Potters with Wolves boss Mick McCarthy hoping to lure Beattie to Molineux.
McCarthy, who has also been linked with Hull City winger Stephen Hunt, confirmed he is actively trying to bolster his squad before the close of the transfer window.
"We've done all we can to try to get the players we want," McCarthy told the club's official website.
"At the moment we can't do it, but I haven't given up on anybody at all.
"I'm sure there will be some business done between now and the end of the window."