Wolves are understood to be close to signing Olympiakos winger Daniel Podence and AEK Athens striker Nelson Oliveira.
The club are in talks with Olympiakos for 24-year-old Podence, who will cost in the region of £21.5m, while former Norwich forward Oliveira, 28, will cost around £6m.
Wolves have not reached agreement with the Greek Superleague leaders over Podence, but they hope to do so in the coming days as they look to add quality strength in depth to Nuno Espirito Santo’s squad before the transfer window shuts.
Podence, who scored against Tottenham in the Champions League in September, is a former Sporting team-mate of Wolves goalkeeper Rui Patricio after starting his career with the Lisbon club and playing 25 times there, winning the Portuguese Cup in 2014-15 and the Portuguese League Cup in 2017-18.
Oliveira is no stranger to British football, having had spells with Norwich, where he scored 19 goals in 65 league games from 2016-19, plus Nottingham Forest, Reading and Swansea on loan.
The Portuguese attacker has found some real scoring form this season, with nine goals in 15 Superleague games for AEK. He will compete with 19-goal top scorer Raul Jimenez for a place.
Wolves are desperate to strengthen their forward line, with Jimenez having played in virtually every game with no senior back-up after parting company with Patrick Cutrone to Fiorentina, and Diogo Jota out with a calf injury.
They wanted Hwang Hee-Chan but were forced to adjust their sights with Red Bull Salzburg unwilling to sell this month after losing Erling Haaland to Borussia Dortmund and Takumi Minamino to Liverpool.
Wolves are also set to unveil 19-year-old Ecuador striker Leonardo Campana, who will cost around £300,000 from Ecuadorian club SC Barcelona and is set to join the Under-23s squad.