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.
Crystal Palace have confirmed the appointment of Tony Pulis as manager on a two-and-a-half-year contract.
Pulis watched from the stands as the Eagles beat Hull 1-0 at the KC Stadium on Saturday, which marked caretaker boss Keith Millen's final match in charge.
"Crystal Palace Football Club are delighted to announce the appointment of Tony Pulis as manager on a two-and-a-half-year contract," a club statement read.
"The experienced 55-year-old has agreed terms at Selhurst Park following a six-month break from management, since his highly-successful spell at Stoke City came to an end in May 2013."
Pulis' first game in charge of Palace will come away to Norwich next weekend.
Pulis' appointment brings an end to Palace's month-long search for a replacement for Ian Holloway, who left Selhurst Park by mutual consent on October 23.
Pulis, who established Stoke in the top flight during his seven-year spell at the Britannia Stadium, was swiftly rumoured to be high on the shortlist of Palace co-chairman Steve Parish after Holloway's departure.
However, weeks of speculation over the vacancy followed, with Aitor Karanka, Dan Petrescu, Chris Coleman, Andrea Stramaccioni and former Palace boss Iain Dowie all linked with the post before Pulis finally got the nod.
Pulis, who has also had spells in charge of Gillingham, Bournemouth and Plymouth, has famously never been relegated as a manager but will have his work cut out to preserve that statistic come May.
The Eagles next head to Norwich before facing West Ham and Cardiff - two more sides whose primary aim this season is to beat the drop.