It's believed Wolves have effectively called off their pursuit of the 22-year-old after being quoted an extortionate fee by Benfica, who don't need to sell after recently selling Joao Felix to Atletico Madrid in a deal worth £113million.
The Portuguese international defender was thought to be keen on a move to Molineux but he will instead stay at Benfica. Dias has a release clause of £57m and with Wolves not prepared to meet that fee the clubs are too far apart to approach reaching an agreement.
Wolves may not make a first-team addition ahead of the Thursday 5pm deadline. Nothing is currently imminent, with Nuno Espirito Santo and his backroom team confident that the squad currently has enough cover.
Southampton central midfielder Mario Lemina is on Wolves' shortlist, but only on a loan deal with an option to buy. The Saints would prefer a straight sale for the 25-year-old, who is surplus to requirements at St Mary's.
AC Milan midfielder Franck Kessie is another player who has been watched closely, but Wolves have been put off by the £30m asking price.
Instead the remaining days of the window are likely to be more about outgoings.
Roderick Miranda, Jordan Graham and Leo Bonatini will all be allowed to leave. Wolves would prefer permanent exits but loan deals are more likely.
Bright Enobakhare is another player who is likely to be loaned out, as well as youngsters Benny Ashley-Seal, Elliot Watt and Sadou Diallo.
Wolves are also trying to find a new club for Harry Burgoyne. He moved to Bury in pre-season and impressed during a friendly for the Shakers, but with the League One club in huge financial difficulty and unable to fulfil their fixtures or register players, the goalkeeper is in limbo for now.
Reports have linked Moroccan midfielder/defender Romain Saiss with a move away from Molineux but it's believed Wolves have no plans to allow an important squad member to leave.