Wolves have rejected a £50m bid from Newcastle for Jorgen Strand Larsen.
Wolves’ position is that he is not for sale in this window.
They believe he is too important and the lack of time left in the window is not enough to find a Premier League-ready replacement.
Newcastle are targeting Strand Larsen as the replacement for Callum Wilson.
Yoane Wissa has been another player they see potentially coming in for Wilson, however Brentford rejected a £40m bid for the striker last week.
The 25-year-old Norway international spent last season at Molineux, on loan from Celta Vigo, and scored 14 Premier League goals in 35 appearances.
Wolves exercised the option to buy him on July 1, when it was announced he had signed a four-year deal to join the club on a permanent basis.
Strand Larsen has started both of Wolves’ league games so far this term.
‘Pereira has stopped short of guaranteeing Strand Larsen stays’
Sky Sports’ Adam Bate at Wolves’ training ground:
Vitor Pereira has made it clear how important Jorgen Strand Larsen is to Wolves, but stopped short of guaranteeing that the Norwegian striker would remain at the club this summer amid reports of interest from Newcastle.
“He’s a very important player for us. I never talk with him about it. He’s our player. When I watch him on the training, he’s committed with everybody, committed with the team. He’s a fighter. He likes to win. He’s preparing himself to play tomorrow.”
Asked if Wolves could afford to lose a key player between now and the end of the transfer window, Pereira added: “I don’t know. The market is the market. If the window is open, the players can come and the players can leave. I believe this is possible.”
Howe: Newcastle will not be left without a striker this season
Eddie Howe is confident that Newcastle will not leave him without a recognised striker as the Alexander Isak situation rumbles on.
Isak was the subject of a £110m bid from Liverpool and has not featured for Howe’s first-team in a match since the Magpies players returned from pre-season.
Howe was asked if there is a situation where Isak is sold and Newcastle do not bring a replacement in.
“I don’t think the club will allow that situation to happen,” he said.
“We certainly can’t go through the season with no recognised striker at the football club – and that’s no disrespect to Will Osula.
“I think he’s doing really well and he’s progressing really well, but he’s got limited experience in the Premier League, although I’m really happy with his career progression.
“But Alex at the moment would be the only striker we have with Premier League history of goals and appearances and starts, so we can’t leave ourselves in that position.”
Sky Sports to show 215 live Premier League games this season
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 will be on Sky Sports.