Sky Sports understands Wolves have rejected an offer from Championship rivals Hull City for striker Sylvan Ebanks-Blake.
Ebanks-Blake is out of contract in the summer and has been linked with a move away from Molineux during this month's transfer window.
But Wolves are reluctant to part ways with the frontman and remain hopeful of him signing a new deal.
The 26-year-old has also been linked with Crystal Palace but it is Championship high-fliers Hull who are believed to have tabled the latest offer.
Ebanks-Blake, who arrived at the Midlands club from Plymouth in 2008, is the club's top scorer this season with 11 goals.