BBC Sport says the bid will be tabled imminently amid talk of Jean-Philippe Mateta on his way out of Selhurst Park.
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Nottingham Forest offered £35m for Mateta on the weekend, while the Frenchman is a loan target for Juventus and AC Milan.
Wolves are seeking £50-55m to sell the Norway international, who is prepared to leave before next week's transfer deadline given the club's acceptance that they will be relegated.
Leeds had an offer of £40m for Strand Larsen rejected by Wolves a fortnight ago and remain interested.