Wolves have opened talks with Rohan Ricketts about extending his deal at Molineux.
The tricky winger's current deal expires at the end of the season and Wolves are keen to keep him at the club.
A number of clubs are thought to be keeping tabs on Ricketts with Sheffield United reported to be weighing up a move for the former Tottenham man in the January transfer window.
Wolves have an option to extend Ricketts' existing deal by a year and Molineux chief Mick McCarthy is keen to take up the option.
"Initially I wasn't aware of the extra option because I wasn't here when Rohan signed his contract, but I have spoken to him and said I would like him to re-sign for at least another season," said McCarthy.