Leon Clarke and Michael Jacobs are set to stay at Wolves - unless the club receive big offers.
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Birmingham have confirmed the arrival of promising Liverpool winger Jordon Ibe on a loan deal that runs until the end of the season.
The 18-year-old trained with the Blues for the first time on Friday and goes straight into the squad for Saturday's Sky Bet Championship clash with Blackpool at Bloomfield Road.
Ibe, born in Bermondsey, was spotted by Liverpool scouts while playing for the Wycombe Wanderers Academy - and signed for the Anfield giants in December 2011.
He quickly rose through the Reds' youth ranks and made his Premier League debut against QPR on the final day of the 2012/13 campaign shortly before winning England honours at U-19 level.