Wolves are in talks with striker Matheus Cunha over a new contract following his impressive form.
Cunha still has two-and-a-half years left on his contract at Molineux, but tying him down to a longer deal would be a major boost for Wolves as they try to avoid relegation from the Premier League.
The Brazilian, who has scored 10 goals in 18 Premier League games so far this season, has been linked with a move to Arsenal in January.
Arsenal manager Mikel Arteta admitted on Friday that his team are open to January signings, but his focus is on the players they currently have.
“If there is something on the market that we can afford and that we think can have an impact on the team, we must always be open to that possibility,” Arteta said.
Cunha will miss Monday's Premier League match against Nottingham Forest, live on Sky Sports, as well as the Wolves FA Cup third round at Bristol City the following Saturday, after being handed a two-match ban following an incident with a member of the club. Ipswich staff after the full-time defeat to the Tractor Boys on December 14.
Cunha was also fined £80,000 after being charged by the FA for “improper conduct”.
Wolves manager Vitor Pereira said in his press conference that Wolves must learn to play without Cunha for those two matches.
“We have to be ready to play with Cunha and without Cunha,” Pereira said on Friday. “We have to play as a team. We have players with different skills, different qualities, but we will be ready.”
Wolves are working on a deal for defender Agbadou
Wolves are also in talks to sign defender Emmanuel Agbadou.
They turn their attention to the Reims centre-back after pursuing Lens' Kevin Danso.
Agbadou is a 27-year-old international from Ivory Coast. It is understood that Wolves could sign more than one centre-back in January.
Wolves are aware of Saudi Arabian club Al Shabab's interest in Mario Lemina but there is no approach for the midfielder, who was stripped of the club captaincy by former boss Gary O'Neil.
Pereira: Wolves need to be clinical in the market
Wolves head coach Pereira admits his squad is small and the club must be clinical in the January transfer market.
Pereira has guided the Molineux club to two wins and a draw since taking over from Gary O'Neil, lifting them out of the relegation zone.
When asked by Sky Sports' Lynsey Hooper if any signings are needed this month, Pereira said: “If you come to a club and you want to connect the players and give them confidence and good energy, when you start talking about other players , about what you need means that this is not the right login to give them.
“If I trust them, if I want to create something strong with them, I have to give them trust.
“Of course, if you look, it is a short squad. It means that in some positions we don't have many solutions. But it is an opportunity to start finding the talents in the academy and this is good because I love doing It.
“In the market we have to be clinical. Financially we don't have the power to change many things, but we have to use one or two players.”
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