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.
Arsenal have completed the signing of Germany midfielder Mesut Ozil in what is understood to be a club-record £43million move from Real Madrid.
The 24-year-old sealed the 50million euros transfer on Monday afternoon having undergone a medical in Munich, where he is on international duty.
Before Sunday's 1-0 win over big-spending Tottenham, Gunners boss Arsene Wenger had seen moves for Gonzalo Higuain, Luis Suarez and Yohan Cabaye all fail to come off, but finally has been able to land a big-name signing following the free transfers of Yaya Sanogo and Mathieu Flamini and a loan move for Palermo goalkeeper Emiliano Viviano.
Wenger was confident the 100million euro (£85.3m) switch of Gareth Bale to Real Madrid would set in place a "domino" effect, and thus allow the likes of Ozil to come on to the market as the clock ticked down towards the 11pm deadline.
Ozil admitted he is looking forward to working underneath the Frenchman at the Emirates after becoming the second most expensive player in Barclays Premier League history.
"I am thrilled to be joining a club of the stature of Arsenal and am looking forward to playing in the Premier League," he said.
"It will be great for my own personal development as a player and I am particularly looking forward to working with Arsene Wenger.
"From our negotiations it is clear the club has huge ambition and I look forward to being part of an exciting future."
The Arsenal manager was delighted to have landed a player of such a high calibre.
Speaking to the club's official website, Wenger said: "We are extremely pleased to have signed Mesut Ozil. He is a great player, with proven quality at both club and international level. We have watched and admired him for some time as he has all the attributes I look for in an Arsenal player.
"I have said throughout the summer that we have been working hard to bring in top quality players to this football club. This has involved many, many people across the club and I have always had the full support of the club in making decisions on the football side.
"Mesut is a top quality footballer who will be a fantastic addition to our talented squad. We are all looking forward to him joining up with us after his international matches with Germany and working with us as an Arsenal player."