Wolves are considering a swap bid for Valencia striker Goncalo Guedes.
The Daily Mail says Wolves are tracking Portugal attacker Guedes, who plays for Valencia, and are exploring the possibility of a player-exchange deal involving forward Rafa Mir.
Mir impressed on loan in La Liga with Huesca last season, scoring 13 goals to attract attention from both Valencia and Atletico Madrid.
Guedes, 24, joined Valencia from Paris St Germain for £36million three years ago and, like manager Bruno Lage and a number of Wolves players, is a client of Jorge Mendes' influential Gestifute agency.
Wolves are set to be active in the closing weeks of the window with a centre back, a central midfielder and a forward all on the list of Lage.