According to a report in The Sunday People earlier this month, Premier League outfit Newcastle want to recruit the former Arsenal prospect before the end of the summer transfer window next month.
Whether the Canaries make a fourth bid or not remains to be seen, but it seems that Newcastle are not in the running for the 22-year-old.
Afobe is one of the best young players in the Championship and has been in superb form for Wolves since his move to the club from North London outfit Arsenal in the January transfer window.
The former England Under-21 international striker scored 13 goals and created 19 chances in 21 Championship appearances in the second half of last season.
The youngster had a pass accuracy of 78% and a shot accuracy of 74%, and won 52 headers, 32 dribbles and 10 tackles.
Afobe has already started banging in the goals this season, finding the target twice in four Championship matches.
The former Arsenal prospect has created four chances, has a pass accuracy of 88% and a shot accuracy of 63%, and has won six headers, three dribbles and two tackles.