When Hwang Hee-chan and Matheus Cunha both suffered injury issues during the second half of the campaign, it became apparent that Wolves were desperately short of cover down the middle of their attack.
Although Nathan Fraser and Leon Chiwone - both teenagers - were presented with opportunities, the unplanned promotion into Premier League football did not pay off.
As a result, it has been no secret that O'Neil has wanted to add more experience in that part of the pitch, with the free-transfer acquisition of Che Adams deemed most likely at one stage.
However, it appears that the West Midlands outfit will instead look to complete one of the biggest deals in their history to add a Norway international to their squad.
Strand Larsen wants Wolves move
According to transfer expert Fabrizio Romano, Wolves have a formal approach for Celta Vigo forward Jorgen Strand Larsen.
Negotiations for the 24-year-old are said to be progressing fast with the player allegedly keen to secure the switch to Molineux.
Personal terms are seemingly unlikely to be an issue with Wolves reportedly confident that they will be able to get a deal over the line.
As per Il Tempo, Wolves have proposed a €40m (£33.83m) deal to Celta Vigo, beating a number of Italian teams to his signature.
Who is Jorgen Strand Larsen?
Having spent a period on loan with AC Milan's youth side during 2017-18, Strand Larsen has always been tipped to have a strong professional career.
As it stands, it has been no more than solid, with 55 goals coming from 201 appearances across spells with Sarpsborg 08, Groningen and Celta Vigo.
However, this is a player who contributed 13 goals and three assists from 37 La Liga outings in 2023-24, while he also posted 14 strikes and two assists from 32 Eredivisie appearances for Groningen in 2021-22.
On the international stage, he has three goals from 14 caps with Norway, his most notable strike coming against Scotland at Hampden Park in November.
Strand Larsen, who stands at 1.93m, can also be deployed in a wide area, and his versatility will only benefit Wolves if a transfer can be finalised.