Wolves are hoping to complete a £25million swoop for Celta Vigo striker Jorgen Strand Larsen, talkSPORT understands.
The 6ft 4in Norway international scored 13 goals in La Liga last season.
Larsen has been the subject of interest in Serie A, however, the player is believed to have his sights set on a move to the Premier League.
Negotiations are progressing at a rapid pace and personal terms must be agreed between the player and the club.
Aston Villa and West Ham have also shown interest in the striker but so far only Wolves' interest has materialised.
Larsen signed for Celta from Dutch side Groningen in August 2022 and has scored 18 goals in 73 appearances.
He made his senior international debut in 2020 and now has 14 caps for Norway.
Wolves have had to tighten their purse strings in recent months and that was set to continue to be the trend after boss Gary O'Neill hinted that Wolves were unlikely to spend big this summer.
The Midlands club wants to avoid the profit and sustainability sanctions that affected both Nottingham Forest and Everton last season.
Therefore, it was expected that sales would be necessary before spending money on strengthening their team for the new season.
That could be the case with several Wolves players who are the subject of interest from Premier League rivals.
Newcastle and West Ham They remain interested in captain Max Kilman despite seeing their offers rejected. Portuguese striker Pedro Neto is also a target for rival clubs.
Wolves have already completed the signings of defensive pair Rodrigo Gomes from Braga and Brazilian prodigy Pedro Lima will join the club on July 1, after successfully completing a medical.