The Sunday Mirror says the 19-year-old midfielder is a key part of Arsene Wenger's plans, but the Arsenal manager is keen for Frimpong to gain first-team experience and will listen to offers for him to go to another Premier League club next month.
Frimpong looks certain to figure in a shadow Arsenal team in the Champions League against Olympiacos in Athens on Tuesday. Arsenal are already guaranteed a place in the knockout stages of the competition as group winners and Wenger will use the game to make full use of his squad.
But following last week's exit from the Carling Cup against Manchester City, Frimpong's first-team chances will be restricted.
Wolves boss Mick McCarthy is known to be a huge admirer of the Ghanaian and the indications are that in the next four weeks he will get his man on a six-month loan deal.