Sheffield United still hope to keep Maguire but the centre-back has attracted a lot of interest this summer and stated over the weekend that it was his dream to play in Europe and the Premier League.
Hull City would offer the 21-year-old such an opportunity and have been linked with a move, leaving Jackett ready to admit defeat in his pursuit of the youngster.
“On the face of it, European football is a dream for all of us,” Jackett said in the Express and Star.
“One thing it does seem is that he’s very much sought after and there’s a lot of speculation surrounding him and it does seem as if he’s going to move imminently.”
Wolves are understood to have had two bids for Maguire rejected and Jackett is not sure whether they will return with an improved offer.
He added: “We’ll see – we’re always pursuing good players, it’s a case of if they come into our financial scope.
"The fact we’re in the Championship now can be a good and a bad thing sometimes depending on the stage of a particular person’s career,” he said.
“I don’t like talking about players contracted to other clubs. Despite some speculation, Nigel Clough will be trying to pull his team together for the season.
"I’m sure he will be hoping Harry Maguire plays a part in that.”
While Jackett is keen to bring in reinforcements before the transfer deadline, he does not think there is an urgent need to strengthen.
“I don’t think we’re in any desperate need for anyone in any position,” he said. “In terms of additions, I don’t think we’re really looking at somewhere where there’s a big hole in the team.
“Would we try to strengthen with the right player at the right price? Yes, we’d always try to strengthen but am I saying – like some managers are – I need to sign three or five before we kick off?
“No I’m not saying that.”