Championship Wolves have reportedly rejecting a £9million bid from West Ham.
The Hammers are understood to have offered £6million now for Jarvis, with £3million to follow in various add-ons.
In a statement, CEO Jez Moxey said: "As we have previously stated, no player will leave Wolves unless the club's valuation is met and it is in our best interests from a football perspective.
"We wish to retain our best players, we are not under any financial pressure to sell. Players will remain here unless we receive satisfactory offers.
"These are challenging situations for all parties, but we will continue to conduct our business in a respectful manner and will honour all of our commitments.
"We hope, and expect, other parties to do likewise."