Wolves boss Nuno Espirito Santo hopes the club can bring in some versatile reinforcements during January, with Diogo Jota still sidelined and forward Patrick Cutrone set to join Fiorentina.
Jota sat out the FA Cup third-round tie with Manchester United after suffering a dead leg during the defeat at Watford on New Year's Day.
The nine-goal attacking midfielder is set for further scans to determine how long he will need to recover, so will not be involved in Saturday's Premier League match against Newcastle.
Cutrone, meanwhile, looks set to return to Italy, initially on loan, reportedly with a view to a potential £18million (£15.5m) permanent deal in the summer.
Wolves have also been linked with a move for RB Leipzig forward Matheus Cunha.
Nuno, though, maintains whatever business is able to be completed, it will have to be for someone who can add real value.
"We're working on that. We have the need," he said.
"(There are) a lot of rumours, a lot of names, not only linked with Wolves, all the clubs – most of them are not true.
"It is a reality, we need to bring players and we will bring players.
"It needs time, needs proper decisions for us to bring players that can really help us and bring different characteristics to our squad."
Nuno told a press conference, as reported by the club: "You cannot avoid circumstances that happen.
"We have to evaluate what we have, the squad, what and how we want to proceed competing and that has a final weight on the decisions you make, the circumstances.
"We have (Willy) Boly and Diogo out, so we have to consider all the situations."
Wolves are not yet certain how long Jota will be unavailable.
"He had a strong impact, fluid and blood on the injury," Nuno said.
"He is going to be scanned again next week. After the scan we wait and determine better his return."
Midfielder Morgan Gibbs-White is available for selection having now recovered from a back problem.
Defender Boly has stepped up his own rehabilitation following a fractured ankle.
"He is progressing well, is improving, but we still have the respect the dates and timings of his progression," said Nuno.
"It's good to have him back on the grass and running. He is not integrating 100 per cent into the team, but hopefully sooner rather than later."
Cutrone, 22, joined Wolves from AC Milan during the summer of 2019.
Nuno had hoped the Italian forward would opt to stay at Molineux.
"He went away to Fiorentina on a loan situation," the Wolves boss said, in a video broadcast on Sky Sports.
"It is disappointing for us, with the whole situation.
"When you bring a player and things don't immediately work out, you have to think what happened, why and how it could be different, all of these things.
"Now is the moment for us to analyse, but more importantly that we wish Patrick all the best. Hopefully he can play some game time, which is important for his development."