Manager Dean Saunders failed with an offer for one player during last month's transfer window, believed to be for the 27-year-old Englishman.
However, while not revealing the identity of the player, Saunders has admitted that Wolves will return with another offer at the end of the current season.
"There's only one player I tried to sign who I see in my plans for next season, to put the first building block in place," the Welsh manager told the Express & Star. "We made a big offer for him but we will have to wait until the summer to get him. He's contracted to another team until the summer and he's not available.
"We never put a written offer in, but it was knocked back verbally. But I'm still pursuing that one and we've got to be better defensively."
It is believed that Baptiste would cost around £1m.