The 26-year-old striker is keen to move on from Leicester before the end of the window on Friday night as he wants to play top-flight football.
Crystal Palace are interested in getting their hands on the forward but negotiations with Leicester have stalled.
Wolves have also been keen on signing Iheanacho as part of their plans to bring in a striker before the window closes on Friday night.
However, Premier League sides feel that Leicester are asking for too much money to sell the Nigerian this summer.
The Foxes have been determined sellers in the ongoing window despite getting relegated and have sought top fees for their players.
Leicester want a fee in the region of £20m before agreeing to let the striker go ahead of Friday’s transfer deadline.
Clubs do not want to spend such figures on the striker.
Wolves are now looking at Che Adams as a potential striker arrival with less than 48 hours left in the window.
