Nuno Espirito Santo has suggested 2020 could be a golden year for Wolves after targeting signings and further improvement.
The Molineux head coach is looking to add a couple of faces in the January transfer window to strengthen his squad.
Another forward is a priority, but it remains to be seen if they will step up interest in Red Bull Salzburg striker Hwang Hee-Chan, who has been linked with a move to Molineux.
A centre half was thought to be a priority, but Willy Boly’s improving fitness, and the form of Romain Saiss and Max Kilman has lessened the need for defensive reinforcements.
Wolves go into the new year in seventh position – the same as they finished last season – after Sunday’s unfortunate 1-0 defeat at runaway leaders Liverpool.
But they have made significant strides to close the gap on the top six and are only five points adrift of the final Champions League spot, currently occupied by Chelsea.
They are also into the knockout stages of the Europa League, where they face La Liga strugglers Espanyol in the round of 32 in February.
Nuno believes there is much more to come from Wolves, whose wait for a major trophy is set to enter its 40th year.
“I truly believe there is a lot of space to improve because the way we do things,” he said.
“We have a very small squad, the players involved are basically the same as last season.
“So if we can improve our performance at the same time the transfer window is open and try to bring in things the team needs – different characteristics – there is a lot of space to improve.”
Two summer signings are being linked with moves away from Molineux.
Fiorentina are reportedly targeting striker Patrick Cutrone and reports in Italy suggest they are prepared to pay around £12.5m.
Wolves paid AC Milan an initial £16m rising to £20m in the summer and the Italian media claim they are asking for £17m.
Cutrone missed the Liverpool game through illness but is expected to be available for the New Year Day’s trip to Watford.
The 21-year-old has struggled for appearances, figuring in 24 games with three goals, but he has only started nine, and only three in the Premier League, scoring twice.
Reports in Spain suggest centre back Jesus Vallejo is set to be recalled by Real Madrid in January because of a lack of game time.
The 22-year-old, who arrived on a season-long loan in the summer, made the last of his seven appearances two months ago in the 2-1 Carabao Cup defeat at Villa.
Vallejo struggled in both of his two Premier League games against Chelsea and Southampton and is below Leander Dendoncker, Conor Coady, Romain Saiss, Ryan Bennett and rookie Max Kilman in the pecking order.