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.
Ole Gunnar Solskjaer is set to become the new Cardiff manager.
Solskjaer attended the Bluebirds' 2-0 defeat at Arsenal after making his way to London in a jet owned by Vincent Tan.
The former Manchester United striker was 1/4 with Sky Bet when betting was suspended shortly before midday on New Year's Day.
Following Malky Mackay's sacking on Friday the current Molde manager was quickly marked out as Cardiff chaiman Mehmet Dalman's number one target to replace the Scot.
Solskjaer has enjoyed a successful spell in charge of Molde, guiding them to two Norwegian titles and a Norwegian Cup.
He turned down the chance to become Aston Villa manager prior to the appointment of Paul Lambert at Villa Park, while he had also been linked with the current vacancy at West Brom.
Arsenal manager Arsene Wenger thinks Solskjaer can enjoy success in his new job.
"I have seen him before the game, and they played like they knew he was in the stand," said Wenger.
"Cardiff has the basic ingredients to survive in the Premier League.
"You would say if you look at their record they need to add a bit more goals offensively to stay in the league.
"If he (Solskjaer) can find that in the final third something clinical like he was, then they will stay in the league because they have the basic quality to do it."
Wenger continued: "It is a chance (for Solskjaer).
"Basically what you want when you are young is a chance and after you have to make the maximum of that chance.
"He has already experience as a manager in Norway, so he has learned his job.
"He was an intelligent player, so he is an intelligent boy as well, and that will help him to be successful."
Although the game at the Emirates Stadium could well prove to be the last in charge for caretaker boss David Kerslake - who was assistant to Mackay - and first-team coach Joe McBride, it will remain very much "business as usual" within the backroom staff until any changes are confirmed.
Kerslake said: "Although Joe and myself and the rest of the staff know it is only temporary, the last thing I said to the players that they made me feel immensely proud of the performance they put in.
"I am really unsure whether they knew or not (that Solskjaer was at the stadium).
"There was no talk of it on the team bus and the hotel and in the dressing-room, so I would not totally unsure about that."
Kerslake added: "Whoever comes in, obviously there is an important month coming up, so if he can add to it, make the squad better, then all well and good, but I believe the team are good enough to stay in the Premier League."
There have been no indications as to whether any of Mackay's former backroom staff would be kept on once a new manager has been appointed.
"No, (I have heard) nothing at all," said Kerslake.
"I am contracted to the club until the owner or chairman tell me different.
"I will be in work tomorrow as usual.
"Coaches and managers in football know that it's a precarious job and we just get on with it. There is no problem there, it is business as usual."