Brazilian right-back Rafael has agreed to move to Lyon from Manchester United.
Leeds are set to complete the signing of Stuart Dallas from Brentford, according to Sky sources.
Wolves boss Stale Solbakken will assess his growing injury list before deciding on whether to strengthen his squad in the January transfer window.
The Norwegian coach has had to endure rotten luck on the injury front since his appointment back in May, and as a result Wolves form has suffered.
News of an injury to Dave Edwards has added to Solbakken's headache, but will assess what he already has at his disposal before making any decisions over new additions to the squad.
"Over the next two or three weeks we have to decide what we can expect, or not expect, from those players," he told the Birmingham Mail.
"That will decide a little bit our plans. With the amount of games coming up, we are very short in some areas.
"So it's a case of what are we going to do? We might say we have one priority in an area. We're normally well equipped with midfield players, but at this time, with all the injuries coming in that area, that also forces us to change or think differently about other players.
Wolves ended a run of nine games without a win with an emphatic 4-1 away victory against Bristol City last time out, and Solbakken believes utilising the talent he already has helped.
"Last week, after the Millwall game, I practised with Bjorn on the training pitch with him playing wide right. That was a little bit because we need more players who can play wide, but also because we wanted to target the left side of Bristol City. I think we have to look at alternatives within the squad we already have," he added.