Kevin Doyle will remain at Wolves despite being a target for Arsenal the club has stated.
The Republic of Ireland international has emerged as a £10million for the Gunners but Wolves chief executive Jez Moxey said there will be no sale as the club is keen to build on what they achieved by staying in the top flight this season.
“What we want to do is to continue to improve the squad and improve the team,” Moxey said.
“That will take a lot of time and will call for continuing investment in the squad.
“It will also mean that we will try to keep our very best players, not sell them.”