Julen Lopetegui is looking to sign up to six new players.
The aim of the new manager was to avoid the drop from the top flight.
Wolves are four points from safety at the bottom, having lost nine and won two of their 15 league matches so far this season.
On Tuesday, the 56-year-old's first competitive game is at home to Gillingham.
He is in charge of his first game in the league.
The former Spain, Real Madrid and Porto boss has a list of transfer targets.
Wolves are hoping to make significant additions to their squad from a combination of that and targets identified by their own recruitment team. The target is to have at least three players signed as soon as the transfer window opens.
The club is likely to have to pay inflated transfer fees since they are at the bottom of the table.
The Fosun Group, the club's Chinese owners, are aware of the financial consequences of failure, which is why there is a belief at Wolves.
Getting the recruitment right will be the first test for Matt Hobbs, who took over as the club's sporting director last month.
Wolves are looking to strengthen in the forward and central defensive positions, as well as adding physical and creative additions in the middle of the field.
The club may have other options if a deal is too expensive.
Wolves are also interested in the domestic market as they want more British players in their squad.
It is believed that popular England defender Conor Coady will finish his season-long loan and not return to his previous club.
It is being stressed by club sources that there will be no key players leaving in January.
Ruben Neves, the captain, has a contract that expires in 2024, but the future of the other strikers is uncertain.
The Mexican was restricted to three substitute appearances at the World Cup because he was still recovering from an injury.
The club don't want to carry players into their survival fight because they don't want to see the form that made them such a crowd favourite before he was injured.
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