Wolves are hopeful they can progress with the signing of Norwegian international Vadim Demidov in the next "24 to 48 hours".
A deal with Real Sociedad has been agreed and the 25-year-old has been in England for his medical.
Reports have suggested that he is also considering offers from other teams, including German side Eintracht Frankfurt.
But Wolves chief executive Jez Moxey remains hopeful they can strike a deal.
"It's still ongoing at the moment," Moxey told the Express & Star.
"Hopefully we'll have something to say in the next 24 to 48 hours, but it's not as clear-cut as some people would like it to be.
"There's interest in him from other clubs and we're looking at other targets as well."