Manchester City's initial offer of approximately £47 million for Matheus Nunes has been turned down by Wolves.
Pep Guardiola's keen interest lies in the Portugal star as the upcoming deadline approaches swiftly, aiming for a last-minute acquisition.
However, Wolves promptly rejected the initial proposition from the Treble-winning Manchester City squad.
Reports suggest that City is gearing up to present a fresh offer, yet the preliminary bid, presented on the evening of Wednesday, fell substantially short of Wolves' assessed value.
Having been secured for a substantial sum of £42 million from Sporting just the previous summer, Nunes has risen to prominence as a pivotal player within the Wolves hierarchy, especially for the upcoming season.
The timing of this bid, surfacing a little over a week prior to the 11 pm deadline on Friday, has cast a considerable shadow of disappointment over Wolves.
This sentiment is fueled by their recent loss of key players like Ruben Neves, Raul Jimenez, Nathan Collins, and Conor Coady.
While Wolves have successfully amassed over £90 million through player transfers this summer, driven by concerns pertaining to future profit and sustainability regulations, the departure of Nunes is not aligned with the club's strategic plans.
Guardiola had lauded the 24-year-old midfielder as "among the world's finest players" following a riveting Champions League clash between City and Sporting during the 2021/22 season.
This endorsement by the Spanish maestro has persisted, thus keeping the intrigue alive.
City's pursuit of Nunes has been catalyzed by the sidelining of Kevin De Bruyne, anticipated to be absent for approximately four months due to hamstring surgery.
In an intriguing twist, Liverpool has also joined the ranks of Nunes' admirers. Telegraph Sport's previous report revealed that Wolves retracted a clause allowing the Merseyside club to secure Nunes' services in January of the current year.
Recent events have seen Nunes receive a red card in the home defeat against Brighton, rendering him ineligible for the impending weekend clash against Everton.
On a separate note, City is expected to finalize the formalities of Jeremy Doku's acquisition from Rennes, amounting to a substantial £55.5 million.
The talented Belgian winger underwent a comprehensive medical assessment in Manchester on Wednesday, paving the way for the imminent completion of this transfer.