The Viola have been in advanced talks with Wolves over a six-month loan arrangement with a permanent option included for June.
Wolves are happy with the offer, though not the terms tabled by Fiorentina.
For the moment, reports TMW, negotiations are at stalemate, with Cutrone still in Wolverhampton.
Cutrone was left out of Wolves' 0-0 draw with FA Cup opponents Manchester United on Saturday.
After the game, Wolves manager Nuno said: “I won't say many things about that, but yesterday we had a good conversation with Patrick and we decided for him not to be involved in the game.
“It was the best decision so let's wait and see what's going on. Everything is ok. Something may be happening."