Despite conducting early business to get the likes of Rodrigo Gomes and Jorgen Strand Larsen into Molineux, Wolves have not backed up that activity.
However, head coach Gary O'Neil is believed to be in the market for a new goalkeeper and centre-back, with Burnley's Dara O'Shea having previously been identified to replace Max Kilman at the back.
On Saturday evening, though, a number of reports have emerged which suggest that the Republic of Ireland international will instead be signing for Ipswich Town.
As a result, Wolves will now assess alternative options for the middle of their defence, but it appears that they remain in talks with Burnley over another of their players.
Koleosho emerges as Wolves target
According to the Express & Star, the West Midlands outfit have taken an interest in signing Luca Koleosho.
The 19-year-old was one of Vincent Kompany's many young signings for Burnley's first campaign back in the Premier League for 2023-24.
A total of 986 minutes were accumulated by the Italy Under-21 international across 15 appearances, with a goal coming against Sheffield United and an assist versus Tottenham Hotspur.
Koleosho missed the second half of the season due to a knee injury but he has since returned to make an impression during the early part of the Championship.
He started each of the victories over Luton Town and Cardiff City, scoring against the latter, yet he was not named in the squad for the 1-0 defeat at Sunderland on Saturday.
With three years remaining on the youngster's contract, Burnley do not have to sell, although they would make a substantial profit on the £3.5m deal that they negotiated with Espanyol just over a year ago.
Why is Koleosho an attractive option?
Wolves have made a habit of investing in younger talent with high potential in the past and Koleosho fits that criteria here.
Furthermore, he can be deployed in any position across the frontline, something that is another natural plus for O'Neil with several other players fitting the same mould.
That said, Wolves may only look to complete a deal if one of the likes of Daniel Podence, Chiquinho or Goncalo Guedes are sold or loaned elsewhere.