Wolves see Rak-Sakyi as a long-term replacement for Matheus Cunha after his sale to Manchester United last month.
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The Sun says Palace are prepared to sell for £10m.
Rangers are also interested - but not at Palace's price. In contrast, Wolves are happy to meet the valuation.
Rak-Sakyi spent last season on-loan with Sheffield United and struck the winner in Palace's first friendly of the preseason against Millwall.