The performances of the England Under-20 international over the past two seasons have led to the youngster being regarded as one of the best prospects in the EFL.
As many as 80 appearances in the Championship have been made since the start of 2021-22, the 19-year-old contributing five goals and seven assists during that period.
With two years remaining on his contract, Bristol City do not necessarily have to sell this summer, and there is every indication that they will retain the youngster's services if they do not receive a bid of £25m.
If reports are to be believed, Wolves have been constant dialogue with their counterparts at Ashton Gate and failed with offers ranging between £18m and £22m.
That is said to have frustrated Wolves boss Julen Lopetegui who has allegedly earmarked Scott as an important addition to his squad ahead of the upcoming Premier League campaign.
However, according to journalist Dean Jones who has been talking to GiveMeSport, the West Midlands outfit are planning to put forward a new offer in the coming days in an effort to conclude negotiations.
Jones said: "Wolves have been putting together a third and final bid for him, and my information is that should happen by the start of next week.
"The £25m valuation has put off all the bigger Premier League clubs so far because they realise he probably won't be impacting their starting XI at this stage but with Wolves, there is more of an opportunity to use their mass clear-out as an opportunity to shine in the Premier League and to use it as a platform to show what he is capable of."
As it stands, Wolves are unable to meet Bristol City's demands in one payment, it being well-documented that owners Fosun International are still looking to sell players to get on the right side of FFP.
Although Wolves have raised closed to £90m this summer, they must still part ways with squad members before they can spend money, never mind in the price bracket of Scott.
Last week, it was suggested that a loan with an obligation to buy may be proposed to Bristol City, or with Wolves offering a player in part-exchange.
From Bristol City's perspective, however, losing Scott this summer and not generating funds may not be deemed as an option with manager Nigel Pearson looking to strengthen his squad ahead of a promotion bid.
The Robins have currently signed four players ahead of the new Championship season with defensive trio Robert Dickie, Rob McCrorie and Haydon Roberts and recently been joined by Derby City midfielder Jason Knight.