Newly-promoted Wolves have set their sights on Sunderland defender Jody Craddock as they build a side capable of staying in the English Premiership next season.
"We have had some talks with Sunderland but nothing has been finalised," chief executive Jez Moxey told the club website.
"We haven't spoken to the player yet but I can confirm we would be interested if everything was to our satisfaction.
"However if a deal cannot be struck with Sunderland or Jody then we would turn our attention to another target because the manager is keen to further strengthen the centre-back position."
Wolves still hope to sign Italian midfielder Dino Baggio on loan from Lazio following talks on Monday but they are still awaiting the results of a medical.
They also hope to secure a similar deal for Tottenham striker Steffen Iversen.
Cameroon's teenage goalkeeper Carlos Kameni has had talks and is set for a medical on Wednesday - but Wolves still need to obtain a work permit before any deal can be completed.
Manager Dave Jones has signed Nigeria World Cup defender Isaac Okoronkwo from Ukrainian side Shakhtar Donetsk, Portugal midfielder Silas and former Arsenal defender Oleg Luzhny.
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