Wolves are continuing discussions with Sporting Braga over a £23million deal for striker Paulinho.
Lazio had also made an approach for the 27-year-old but it is well short of Braga's valuation.
The Portuguese side, now coached by former Sheffield Wednesday boss Carlos Carvalhal, are confident of reaching an agreement over Paulinho who scored 23 goals last season, including one against Wolves in the Europa League.
Wolves coach Nuno Espirito Santo is anxious for the club to strengthen on the back of an exhausting season which left centre forward Raul Jimenez particularly overworked.
The Mexican looked burned-out in Wolves' final game of 2019-20, enduring a frustrating night as Sevilla ended their Europa League campaign with a 1-0 defeat.
Jimenez played 65 games this season, not missing a single Premier League mach-day as he racked up an impressive tall of 17 in the English top-flight.
Paulinho could be a reliable alternative to Jimenez after contributing 53 goals and 20 assists in 129 games for Braga since 2017.
The 27-year-old has only completed free transfers in the past, having spent his entire nine-year professional career in Portugal so far.
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