Wolves chief executive Jez Moxey revealed the club have made a number of "multi-million-pound offers for players" during the January transfer window.
And he is becoming frustrated at drawing a blank with these bids with the window due to close at the beginning of next week.
"We have been trying to improve our squad with the capture of experienced top-flight players but these efforts are proving frustratingly difficult," said Moxey.
"At present clubs are just not prepared to sell players who fit that bill."
He added: "The main obstacle for us has not been the lack of money available for players.
"We have made a number of multi-million-pound offers for players which have been knocked back.
"We have also been involved in discussions with a club about a deal which would potentially have seen us break our transfer record. Finance is not the main issue."
Wolves boss Mick McCarthy has so far signed the Charleroi duo of Adlene Guedioura and Geoffrey Mujangi Bia on loan with a view to permanent deals being completed in the summer.
Hull midfielder Stephen Hunt remains a top target for McCarthy whose side visit the Tigers for a crunch Barclays Premier League relegation clash at the weekend.
Moxey also stressed Wolves would not be held to ransom when pursuing potential targets.
He said: "Of course, every player has a price but we have no desire to enter the realms of 'fantasy football' where you might have to spend £10million or more plus a massive contract for a player who, in truth, is only worth two to three million.
"We will not act irresponsibly or in a manner which could seriously harm the future of the club."
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