Wolves rejected a most effective player offer from Newcastle involving Elliot Anderson and Max Kilman, talkSPORT understands.
Gary O'Neil's side I would be tempted to sell the center back if I received offers. over £45 million this summer.
An initial bid of £25m has been launched from West Ham. refused by wolves, with Newcastle Also interested in Kilman.
They are understood to have made a more effective player offer but this has also been rejected by the West Midlands side.
The deal would have seen Newcastle youth product Anderson leave Molineux and move to St James' Park.
He made his first team debut for the Magpies in January 2021 and has appeared a total of 55 times for them in midfield.
Anderson spent much of the 2023/24 season out with a back injury, but returned in time for the final three months.
The Daily Mail reported that he wants to stay at Newcastle and is hoping to negotiate a new contract.
Wolves captain Kilman has made 151 appearances for the club since joining from Maidenhead in 2018.
A move to West Ham would allow him to reunite with Julen Lopetegui, who named him Molineux captain for the 2022/23 season.
Kilman's current deal runs until 2028, so a huge fee will be demanded from any interested club to complete the deal.
West Ham have already been active in the summer transfer window after signing 18-year-old winger Luis Guilherme from Palmeiras.
talkSPORT understands that they are Interested in Udinese defender Nehuen Pérezand Lopetegui really wants to meet again with Sevilla striker Youssef En-Nesyri.
Newcastle have signed Lloyd Kelly After leaving Bournemouth, the centre-back rejected European interest in signing a five-year contract.
Eddie Howe's side are also set to complete the permanent signing of Lewis Hall from Chelsea for £28m via their obligation to buy clause from his loan last season.