Kenny Jackett is searching for a player who can give Wolves 'another 10 to 15 per cent in terms of quality'.
Neil Adams says Norwich remain in the market for further additions after signing Cameron Jerome and Carlos Cuellar.
Peterborough boss Darren Ferguson has distanced himself from speculation that he is to become the next Wolves manager.
Some bookmakers stopped taking bets at the weekend on Ferguson replacing Terry Connor in the summer.
Connor was placed in charge of Wolves until the end of the season after Mick McCarthy's sacking in February but was unable to keep them up.
Ferguson claims he knew nothing about the link with a club he played for between 1994 and 1999 until a friend contacted him about the rumours.
"It's certainly not me putting the money on," Ferguson told the Peterborough Evening Telegraph.
"I had no idea what was happening until I had a text from a friend asking me what was going on as the bookies had suspended betting on me moving to Wolves.
"I have had no contact with Wolves and I don't expect any."
Ferguson spent five years as a player at Wolves in the 1990s after moving from Manchester United.
But the 40-year-old insists his only return to Wolves next season will be as Posh manager when the two teams line up against each other in the Championship.
He added: "I used to play there so maybe that's why I've been mentioned. I had five good years there, albeit for four different managers, and it is a big club.
"But I'm just looking forward to going back to Wolves to play them as it's another fantastic fixture for a club like ours."