Wolves have rejected an initial bid from Leeds for Jorgen Strand Larsen.
The value of the offer is currently unconfirmed but Wolves are believed to value him at £40m.
Wolves are quite content for Strand Larsen to stay. But he has interest from a number of clubs this month.
Sky Sports News has already reported that Nottingham Forest and Crystal Palace have also made enquiries, and that Strand Larsen wants to stay in the Premier League if he leaves Wolves.
Leeds are aware of the competition for Strand Larsen and have to be cautious with PSR in this transfer window.
Departures could help Leeds to make room for incomings. Jack Harrison has now joined Fiorentina but only on loan in a deal that could become permanent in the summer for around £6m.
Striker Joel Piroe has not started a Premier League game for Leeds since August and is attracting a lot of interest from the Championship and abroad. He would be the most obvious candidate for a sale.
However, as things stand Leeds believe he wants to stay and prove himself in the Premier League and the club will not push him out the door.
Norway international Strand Larsen was the subject of intense interest from Newcastle in the summer, and since he has scored only three times for struggling Wolves this season, in 13 appearances, his value has depreciate somewhat.
Wolves are weighing up what they can do in the market to make themselves more competitive but also protect the long-term, which may include a period in the Championship.
Could Piroe leave Leeds?
Leeds were left surprised by Celtic's approach for forward Joel Piroe last week due to the club's connection to Rangers through the 49ers.
Sky Sports News revealed that the Scottish champions had explored the conditions of a loan to gauge the player's interest in a move north of the border.
However, when they broached the subject with Leeds - whose chairman Paraag Marathe is also the vice chair of Rangers - there was little chance of their enquiry progressing further, especially for a loan move.
The idea of Marathe sanctioning a loan move that would not only aid Rangers' title rivals but also do little to help Leeds' PSR position was dismissed by sources at the club.
Leeds have maintained that as things stand, Piroe wants to stay and prove himself in the Premier League despite widespread interest in the Championship and in Europe.
Sources close to the player have also reiterated that, despite the interest from Celtic and others.
Celtic continue to search for a striker - ideally two - in this window, with interest still strong on Chelsea's David Datro Fofana.
