The Nigeria international is expected to leave Molineux following Wolves' relegation from the Premier League and is prioritising a move to one of Europe's top five leagues. Trabzonspor have already submitted an official bid, but Sky Sports reports the 25-year-old is not considering a switch to Turkey.
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Serie A club Fiorentina are also monitoring the striker but saw their opening proposal rejected by Wolves last week.
The Italian side offered a loan deal, which fell short of Wolves' valuation. Arokodare remains under contract until 2029, with the club holding an option to extend his stay by a further 12 months beyond that date if they choose to activate it.