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Wolves boss Julen Lopetegui is looking to bolster his squad with up to six new signings next month.
Spaniard Lopetegui took charge of the Premier League club on 14 November – with the aim of avoiding relegation.
Wolves are currently four points from safety at the bottom, having lost nine and won just two of their 15 league matches so far this season.
The 56-year-old’s first competitive game is on Tuesday, at home to League Two Gillingham in the EFL Cup.
His first Premier League game in charge is at home to Everton on Boxing Day.
BBC Sport understands the former Spain, Real Madrid and Porto boss has presented the Wolves hierarchy with a list of transfer targets.
From a combination of that and targets identified by the club’s own recruitment team, Wolves hope to make significant additions to their squad, with the aim of having at least three players signed as soon as the transfer window opens on 1 January.
The club accept their present position at the foot of the table means they are likely to have to pay inflated transfer fees.
However, there is a belief at Molineux that the Fosun Group, the club’s Chinese owners, understand the predicament the team is in and are aware of the financial consequences of failure.
Getting the recruitment right will be the first major test for Matt Hobbs, who replaced Scott Sellers as the club’s sporting director last month.
It is understood Wolves are looking to strengthen in the forward and central defensive positions, while also looking at physical and creative additions in midfield.
Matheus Cunha, the Atletico Madrid and Brazil forward, has been targeted, although the club do have other options should a deal prove too expensive.
Wolves have also been linked with Real Valladolid defenders Javi Sanchez and Ivan Fresneda, but they are also looking at the domestic market as they want more British players in their squad.
It is understood popular England defender Conor Coady will not return from Everton and will complete his season-long loan.
Thought is also being given to potential departures, although it is being stressed by club sources that no ‘key’ players will leave in January.
While that almost certainly includes captain Ruben Neves, whose contract expires in 2024, the future of striker Raul Jimenez is less certain.
The Mexican has not featured for his club since August and was restricted to three substitute appearances at the World Cup as he continues his recovery from injury.
Jimenez has not scored in the Premier League since March and while the club hope the 31-year-old will return to the form that made him such a crowd favourite before suffering a fractured skull in November 2020, they are determined not to carry players into their survival fight.
