Newcastle are expected to make an improved offer worth £60m for Wolves striker Jorgen Strand Larsen.
Wolves rejected a second offer worth £55m from the Magpies after the 25-year-old scored two late goals to beat West Ham 3-2 to reach the Carabao Cup third round on Tuesday.
No improved offer has gone in yet. The first offer of £50m was rejected on Monday.
Wolves manager Vitor Pereira admitted after the win against West Ham that "every player has a price" in the post-match press conference.
However, Wolves' position is that he is not for sale in this window, especially with such little time to find a Premier League-ready replacement.
Wolves paid £23m for Strand Larsen earlier this summer, after his loan deal at Molineux became an obligation to buy, following certain playing criteria being met.
Sky Sports to show 215 live PL games this season
From this season, Sky Sports' Premier League coverage will increase from 128 matches to at least 215 games exclusively live.
And 80 per cent of all televised Premier League games this season are on Sky Sports.