Over the weekend, it was confirmed that captain Max Kilman had left Molineux to sign for West Ham United in a £40m deal, major income for Wolves given their previous struggles to fulfil the Premier League's Profit and Sustainability regulations.
Although there is the prospect of Yerson Mosquera acting as a direct replacement for Kilman, Gary O'Neil is in the market for another centre-back.
A number of potential candidates have been linked with a switch to the West Midlands with Wolves in a position where they can loosen the purse strings.
With the first-team squad currently in Marbella, sporting director Matt Hobbs has been left to assess the club's options, yet it appears that they will miss out on one of the names that had allegedly been shortlisted.
Carmo aiming to stay at Porto
According to O Jogo, Carmo is more likely to remain at Porto than entertain a transfer elsewhere.
Having impressed for Braga, Carmo made the switch to Porto in July 2022, but his momentum stalled to the extent where he made just 27 appearances for the Portuguese giants in his first 18 months at the club.
A falling out with then-head coach Sergio Conceicao resulted in a loan switch to Olympiacos at the start of 2024, resulting in the 24-year-old enjoyed the best stint of his career.
Carmo did not miss a single minute in nine matches as Olympiacos won the Europa Conference League, notably seeing off Fenerbahce, Aston Villa and Fiorentina during the latter stages of the competition.
Although Olympiacos are eager to keep Carmo on a permanent basis, they are yet to meet Porto's valuation, while the player seemingly has eyes on staying in Portugal.
The report suggests that the Angola international is 'excited' by the prospect of a fresh start at Porto under new boss Vitor Bruno.
Is a deal completely off the table?
Despite the report indicating that a move to the Premier League is not completely off the table, Wolves are not in a position where they can wait too long to see if Carmo sticks with his current stance.
Wolves have the funds to meet Porto's €20m (£16.85m) valuation of Carmo, but that money appears more likely to be spent elsewhere at this stage.
As it stands, Wolves' central-defensive options for 2024-25 are Craig Dawson, Santiago Bueno, Toti Gomes and Mosquera, who is known to be open to a return to Villarreal where he impressed on loan last season.