Wolves have been turned down by Julen Lopetegui for a second time despite Molineux chief Jeff Shi flying to Spain for talks.
Lopetegui was sacked by Sevilla last week and courted by Wolves after they parted company with Bruno Lage.
Wolves owners Fosun are big admirers of Lopetegui and the Spaniard almost became their first Wolves boss in 2016 after the Chinese group bought the club and sacked Kenny Jackett.