Wolves hope to make Red Bull Salzburg forward Hwang Hee-Chan their first signing of the January transfer window.
Sky Sports News understands the South Korean is valued at around £23m by the Austrian champions and only has eighteen months left on his contract.
The 23-year old has impressed this season, especially in the Champions League where he scored three goals in the group stages, including one against Liverpool at Anfield in October.
Wolves have sent scouts to watch Hwang on various occasions this month but his signing isn't guaranteed as there is interest from clubs in Germany, Spain and Italy.
The versatile forward has gained worldwide attention this season as part of an eye-catching attacking trio with Erling Haaland and Takumi Minamoto, both of whom Red Bull Salzburg are preparing for life without.
Minamoto has already agreed to join Liverpool on January 1, while Haaland is wanted by some of Europe's biggest clubs with Manchester United the most interested Premier League party.
Hwang moved to Salzburg in 2015 and spent last season on loan at Hamburg in Germany's Bundesliga 2, where he scored two goals in twenty appearances.
Since moving back to Austria his form has improved greatly, scoring six goals and gaining seven assists in fourteen league games this season.
Hwang's creativity and ability to play anywhere across the front line is seen as key factor in Wolves' interest in the forward as they're looking for competition for both Raul Jimenez and Diogo Jota up front.