Wolves have rejected a £47m offer from Manchester City for Portugal midfielder Matheus Nunes.
Wolves signed the 24-year-old on a five-year contract last summer, paying a club record £38m to Sporting Lisbon.
City wanted to bolster their midfield options even before Kevin De Bruyne suffered the hamstring injury that could keep him out for four months.
They are also interested in Crystal Palace winger Eberechi Eze, 25, who made his England debut in June.
West Ham's Lucas Paqueta was an option before it emerged the Brazilian, 25, is being investigated by the Football Association for potential betting rule breaches.