The Championship side have been heavily linked with the 22-year-old.
Wolverhampton Wanderers manager Kenny Jackett
Kenny Jackett has said that Wolverhampton Wanderers will not be signing Nick Powell while the situation regarding the club's ownership continues to rumble on, the Express and Star reports, even though the 22-year-old is a free agent.
The Express and Star reports that the club have been linked with a multi-million pound takeover this summer. And while speculation surrounding that would understandably leave so many things up in the air that doing business in the transfer market would be well and truly on the back-burner, the fact that Powell is available on a free transfer may have led some to believe that a move could still go through despite the confusion.
Nick Powell during his time with Manchester United
However, while Jackett has confirmed the club's interest, he has dampened any suggestion that a move could be imminent.
"There has been interest but I don't think at the moment there's anything necessarily going on, because of the talks on the ownership of the club," he told the Express and Star.
"That's the thing we're waiting on at the moment. He's someone we've considered but in terms of transfers everyone's waiting and we're seeing what happens upstairs.
"He's somebody we've talked about. But right now it's all on hold. It's to do with the direction [of the club], whose choice is that player, it's those type of things."
While Wolves' squad, when fully fit, has the potential to be challenging near the top of the Championship, the uncertainty could put them in serious trouble if it is not resolved quickly.
The Express and Star reports that Jackett's own position could be under threat if the takeover goes through, and with his hands tied regarding signing new players, the preparation for the new campaign is arguably some way off being ideal.
With the likes of Newcastle and Aston Villa dropping into the second tier, Wolves may have felt that only a perfect summer would have seen them contend for an automatic-promotion spot this upcoming season.
And with each passing day that the uncertainty lingers, their job of being successful becomes much tougher, and may become almost impossible if they watch targets like Powell move elsewhere.