The Magpies may yet return with an improved offer for the 25-year-old Norway international, but Wolves remain reluctant to part with a player they only recently signed permanently.

Strand Larsen joined Wolves permanently from Celta Vigo in June after a successful season-long loan spell at Molineux in which he scored 14 goals. His importance to the team was further underlined on Tuesday night when he netted two late goals to help Wolves advance to the third round of the Carabao Cup. Head coach Vítor Pereira made it clear he values the striker highly.

"If it's my decision, of course (Strand-Larsen stays). Of course. Because he's a very important player. It's not only about the technical and tactical, it's about the character. He's a player with character," Pereira told a postmatch news conference.

"I can imagine his mind in this moment because he listens to a lot of things, reading a lot of things, and then he keeps the commitment.

"Until now, Jorgen is our player. We'll see what happens. I understand football. Football is football. Every player has a price, I believe. Even (Lionel Messi or Cristiano Ronaldo). I understand football, but for me, he is very, very important for us. We'll see what happens."

Despite that firm stance, Newcastle have reportedly increased their bid up to 55 million pounds, but Wolves are holding firm, with little time to replace a key figure should they decide to sell.

Newcastle's need for reinforcements up front is urgent. Callum Wilson left the club last month when his contract expired, and top scorer Alexander Isak is currently training away from the squad after making clear his desire to join Liverpool. While Liverpool had a 110 million pounds bid for Isak rejected earlier this month, Newcastle maintain that their conditions for a sale are unlikely to be met before the window closes.

In the meantime, Eddie Howe's side has explored several options, but with limited success. Two bids for Brentford's Yoane Wissa were turned down, and the Bees now expect the DR Congo international to stay. Elsewhere, targets such as Hugo Ekitike (who joined Liverpool), Benjamin Sesko (Manchester United), and Joao Pedro (Chelsea) have all slipped through Newcastle's grasp.

Anthony Gordon has been forced to play as a makeshift striker but was sent off during Newcastle's 3-2 defeat to Liverpool on Monday and will now miss the next three matches through suspension. His red card adds to the urgency of Newcastle's recruitment efforts, as the club faces the possibility of heading into the next run of fixtures without a recognized striker.

For Wolves, their immediate focus shifts back to the Premier League as they look to earn their first points of the season when they host Everton on Saturday. While Pereira acknowledges the financial realities of modern football, his comments make it clear that Newcastle will have to come up with something truly extraordinary to tempt Wolves into selling one of their most valuable assets.

Newcastle's 50 million pound bid for Jorgen Strand Larsen rejected as Wolves stand firm