Wolves have rejected a £25m bid from Nottingham Forest for midfielder Morgan Gibbs-White.
Newly promoted Forest have signed 12 players so far this summer to mark their return to the Premier League.
However, Wolves are keen to keep the England Under-21 international who spent last season on loan with Sheffield United, scoring 11 goals in 35 Championship games for the Blades.
The offer is understood to include add-ons.
"We rejected because he's an important player for me, my dynamic and the future. He feels important, he is happy," Wolves manager Bruno Lage said.
"When you have this connection between manager and player, everything is good. He is fit and motivated."
Gibbs-White was part of the England team that won the Under-17 World Cup in 2017.
A product of Wolves' academy, he has made 83 appearances for the Molineux-club in all competitions since making his debut aged 16.
Wolves open their Premier League campaign against Leeds on Saturday.
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