Wolves have rejected an opening bid from Manchester City worth £47m for Matheus Nunes.
Discussions remain ongoing and City are considering whether to follow up with another offer for the Portugal midfielder.
However, City have also shown in the past that they are prepared to walk away from targets if they do not agree on their valuation.
Wolves signed Nunes in a club-record £42.2m deal in August last year, paying an initial £38m plus £4.2m in add-ons.
The 24-year-old has shown glimpses of his quality, scoring a superb volley against Chelsea last season, but that remains his only goal for the club in 41 appearances.
More to follow.
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