Wolves’ negotiations with Olympiakos are ongoing, with the two clubs yet to settle on a fee for Podence.
The Greek side are looking for a deal above the £20million mark.
Podence is yet to fly to England to complete talks, but the Express & Star understands Wolves are confident of completing his signing deal before Friday’s deadline.
But as the 24-year-old Portuguese attacker gears up for a move to the Premier League, a return for 28-year-old ex-Norwich striker Oliveira looks less likely as the transfer window nears its close.
AEK Athens reportedly upped their asking price to more than £6m for the forward. But with Olympiakos also increasing the asking price for Podence, Wolves are now prioritising the pursuit of the younger forward.
Podence is expected to replace Patrick Cutrone, who ended his spell at Molineux by joining Italian side Fiorentina on a loan-to-buy deal earlier this month.
Defender Jesus Vallejo followed Cutrone out of the exit door as his season-long loan spell from Real Madrid was cut short due to his lack of game time under Nuno Espirito Santo. He has since joined La Liga side Granada CF on loan, but Wolves are not looking to replace the centre-half.
The return of Willy Boly to the bench for the Liverpool defeat last week has boosted Wolves’ defensive options.
The priority is in attack as Wolves look to add to their development squad again.
Midfielder Enzo Loiodice, 19, is set to join the club and is undergoing a medical at Compton Park.
He has played 21 times in Ligue 1 for Dijon – who are 17th in the table – and is a France under-20 international.
He will join PSV Eindhoven defender Nigel Lonwijk, Barcelona SC attacker Leonardo Campana and Den Bosch midfielder Justin Hubner in arriving at Molineux this January.
But under-23s boss James Collins says the Wolves fans will not get a glimpse of the new academy signings in Wednesday night’s Premier League International Cup clash with Liverpool.
He said: “They are not ready for that yet. They are settling in with the under-18s.
“They will probably need a little bit longer because it is hard when you come to a new club as a young boy and go straight into the under-23 set-up. They will need a bit of time, but they have started well.”