Wolves have rejected a £50m bid for striker Jorgen Strand Larsen from Newcastle, the PA news agency understands.
The West Midlands club have told the Magpies the Norwegian is not for sale at any price during the current transfer window.
Strand Larsen only completed a permanent move to Molineux last month after spending the past season on loan from Celta Vigo.
He emerged as a target for Newcastle after an approach to sign Yoane Wissa from Brentford was also rebuffed.
Eddie Howe have been trying to bring in a new forward to replace Callum Wilson, whose contract expired at the end of the 2024-25 campaign.
Their need for a striker has also been exacerbated by a long-running stand-off with Alexander Isak, who has been unsettled since news of interest from Liverpool emerged during pre-season.
The Sweden international has not been involved with the first team since Newcastle rejected a £110m offer from the Anfield outfit more than three weeks ago.
Strand Larsen, 25, scored 14 goals last season, prompting Wolves to make his move permanent for £23m.
