Manchester City are expected to return with an improved bid for Matheus Nunes, with Wolves unwilling to sell the midfielder for less than £60m.
Wolves turned down a £47m offer from the Premier League and European champions last Thursday.
Nunes joined Wolves in a club-record £42m deal from Sporting last summer and has four years remaining on his contract, plus the option of a further 12 months.
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.
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Watch Matheus Nunes’ stunning goal against Chelsea from all the best angles
Nunes has endured a disappointing start to the season, featuring in Wolves’ 1-0 defeat at Manchester United and then being sent off in the 4-1 home loss to Brighton.
City are looking for a creative midfielder after Kevin De Bruyne was ruled out for several months with a hamstring injury suffered in the first game of the season against Burnley.
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The Good Morning Transfers panel discusses whether Matheus Nunes would be the right type of player for Pep Guardiola at Manchester City
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