Bologna ace Robert Acquafresca rejected the chance to sign for Wolves on transfer deadline day, report Tuttomercatoweb.
The Italian website report the 28-year-old had an offer to move to the Championship club, but chose to stay put.
Acquafresca is a former Italy under-21 international, and plays as a striker.
He began his career with Inter Milan, and has been at Bologna since 2012.
He has not been playing much this season, making only four Serie A appearances, failing to score, and has rarely been prolific. His eight goals in 2011/12 was the most he has scored over the past five seasons.
Wolves sold star striker Benik Afobe to Bournemouth earlier in the transfer window and have been looking at adding new faces. Joe Mason was signed from Cardiff City last week.
Kenny Jackett's side have recovered from a poor start to the season but are still outsiders to make the play-offs, currently sitting in 12th place.