Wolves are in talks with AC Milan over a move for striker Patrick Cutrone, Sky Sports News understands.
The 21-year-old is valued at about £23m by Milan, who are looking to recoup funds due to FFP requirements and in order to fund future spending.
Cutrone came through the youth ranks at the San Siro and has played for Italy's senior side, but struggled last season, only scoring three goals in Serie A.
He also featured for his country at the U21 European Championships this summer.
Wolves' only signings this summer have been making the loans of Leander Dendoncker and Raul Jimenez permanent.
However, chairman Jeff Shi has assured supporters the club will continue to invest in their squad ahead of their Europa League campaign.