Preston North End are aiming to sign Wolves striker Stephen Elliott in a deal which will see Matt Hill move to Molineux.
Deepdale boss Alan Irvine increased his attacking options on Saturday by signing Jon Parkin from Stoke City.
But Irvine is aiming to further improve his firepower after Elliott arrived at the club to undergo a medical ahead of Monday's transfer deadline.
Elliott was placed on the transfer list by Wolves boss Mick McCarthy at the end of last season, despite only joining the club from Sunderland 12 months ago.
He made a brief substitute's appearance against Rotherham United in the Carling Cup on Tuesday, but is poised to join Preston.
The agreement between the Championship rivals will see Hill move to Wolves, with McCarthy having been keen to bring in a new full-back.
Hill has made almost 120 appearances for Preston since joining the club in January 2005 from Bristol City.