Earlier this summer it appeared Rio Ave midfielder Pele was on the verge of a move to Wolves.
This is a deal which no longer looks like it will be happening, with Pele poised to seal a switch to Monaco.
Monaco are managed by Portuguese boss Leandro Jardim and Pele could line up with Joao Moutinho in central midfield.
Pele admitted last month that he was keen on a move to England, speaking to A Bola, but also suggested he had offers from several clubs and would be analysing the proposals.
Missing out may be a disappointment on one level for Wolves, but the Premier League side are not short of funds or contacts and will be able to focus their efforts elsewhere without too many problems.