Matheus Nunes will not be in Wolves' squad for their second round Carabao Cup tie against Blackpool on Tuesday night.
The 25-year-old has been subject to interest from Manchester City, who saw a £47million offer rejected last week.
As a result, Nunes has refused to train with Wolves and informed the club he wishes to join the Premier League champions.
However, Wolves are adamant they will not let him go unless their valuation, believed to be in the region of £60m, is met and are willing to wait until after the transfer window before integrating him back into the squad.