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.
The 26-year-old joined the club in the summer on a season-long loan from relegated Queens Park Rangers.
The question of whether Newcastle will finalise a permanent deal is now being raised, although the player refuses to make any firm commitment on his future.
"I am really enjoying it at Newcastle, but what happens next I don't know," he said.
"For the moment the question of staying beyond my loan period is not in my head - it is a good question, but we have time to decide."
His boss Alan Pardew admits Newcastle already have a permanent deal in place with QPR, but it is not yet certain whether that will be pushed through or not.
"Loic's a player who has done terrific for us and a player that we'll perhaps look at going forward to bring to the club on a permanent basis," said Pardew.
"There is (something in place for him) but it's complicated and I can't really go into that in too much detail, but what I would say about him is that he's given us what we didn't have last year.
"That is a striker who can play, build the game and finish. As you're seeing with the goals he's rattling in here, he's got a nice manner about him, he's comfortable with our group, he has a confidence to play for Newcastle and that isn't easy, so we've been very pleased with him."