Wolves are in talks with Stuttgart over a £17million deal for Sasa Kalajdzic.
The Premier League club have been busy strengthening their squad in recent weeks.
According to The Daily Mail, Wolves may see Kalajdzic as a replacement for wantaway winger Pedro Neto.
The latter is being linked to Arsenal, with Manchester United also mentioned.
Kalajdzic is a 6ft 7in striker, with the 25-year-old Austria international also linked to Brighton, Everton, and Man United.
He is not a direct replacement for Neto, who plays as a winger, but would add to manager Bruno Lage's attacking options