Armstrong is on loan at Coventry City at the moment and will remain at the League One outfit until January.
Jacket has hinted that he would be interested in signing the 18-year-old striker on loan for the second half of the season if he became available.
“We’ve watched him at Coventry,” the Wolves boss told The Express & Star. “We watch a lot of players, but we haven’t made any approach (to Newcastle).
“He’s done well and been an interesting player coming out of the under-21s at Newcastle into League One, had a good start and scored goals.”
Armstrong joined Coventry on loan from Premier League outfit Newcastle in the summer transfer window.
The teenager has already been a huge success in League One and has scored 12 goals in 14 games for Tony Mowbray’s side.
It is clear that the 18-year-old has proven himself in League One, and the next logical test for him would be to compete in the Championship.
Wolves are aiming for a top-six finish in the Championship this season.
Playing at Molineux would allow Armstrong to develop in a very competitive environment and would also help in his progress as a footballer.