Wolves have denied they have accepted a £12million bid from Sunderland for Steven Fletcher.
The Black Cats have reportedly made an improved offer of £10million, plus a further £2million based on appearances, after they had a bid rejected last week.
Speculation had reached fever pitch that the Championship side had finally relented and accepted an offer for their prized asset.
However, Wolves do not want to let the player leave for less than they believe he is worth and discussions are believed to be ongoing about a possible deal.
"Rumours that we have accepted a bid from Sunderland are incorrect," Wolves chief executive Jez Moxey told the Express & Star.
"They want the player, but we haven't accepted anything."
Aston Villa are rumoured to be closely monitoring the situation as boss Paul Lambert is an admirer of the striking ability of his fellow countryman.