Matt Smith has scored just one goal in 17 appearances for Fulham this season.
Wolves had wanted to take Smith on loan until the end of the season, but the Cottagers are determined to keep him at Craven Cottage.
The target man may not have played much of a part for Fulham this season, but Slavisa Jokanovic is in no mood to allow him to leave.
Fulham have one of the best strike forces in the Championship, with Ross McCormack and Moussa Dembele both ahead of Smith in the pecking order, but the former Leeds United man does offer the London club a different threat.
Smith’s power makes him an obvious target, but he has only scored once in 17 appearances this term.
As a result of his lack of action, Wolves felt that they may have had a chance of signing the 26-year-old, but Fulham rebuffed their approach.
Wolves have been looking for a potent front man all season, as they have struggled to find a goalscorer throughout the campaign so far, but it seems that Kenny Jackett will have to search elsewhere if he is to add a new front man to his squad.