It has been reported by the British tabloid that the former Arsenal prospect was a £12 million target for Norwich City, who got promoted from the Championship to the English top flight at the end of last season.
Norwich were reportedly ready to pay as much as £40,000 a week to Afobe and sign him on a five-year contract.
However, The Sun claims that the Afobe has turned down the £10m contract offer as he does not want to move to the English top flight right now.
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 five Championship matches.
The former Arsenal prospect has created five chances, has a pass accuracy of 87% and a shot accuracy of 70%, and has won nine headers, four dribbles and two tackles.