Wolves have completed the signing of Plymouth Argyle striker Sylvan Ebanks-Blake and are close to tieing up a deal for Luton Town's David Edwards.
Sylvan Ebanks-Blake has become Wolves' third new frontline signing this season.
Ebanks-Blake, the Championship's joint third top scorer, agreed terms after Wolves met the £1.5m asking price.
Former Shrewsbury man Edwards is set to become the latest big money player to exit cash-strapped Luton, for £675,000.
Wolves will hope the additions can improve their form after seven league games without a win.
Sylvan Ebanks-Blake, aged 21
57 (19) appearances, 24 goals
David Edwards, aged 21
126 (32) appearances, 19 goals
Plymouth were prepared to make Cambridge-born Ebanks-Blake, signed just 17 months ago from Manchester United for £200,000, the highest-paid player in the club's history, in a bid to keep him at Home Park.
But Wolves have triggered a release clause in his contract that allowed the 13-goal striker to talk to any club submitting an official £1.5m bid.
He completed his move, on a four-and-a-half-year deal, on Friday morning, enabling him to be set for an immediate first appearance at Molineux against Crystal Palace on Saturday afternoon.
"As soon as I heard about the interest I felt good about it," Ebanks-Blake told the Wolves club website. "It's a good challenge for me at this stage of my career. I'm really relishing it.
"It was tough to leave Plymouth because I had a good time there but I needed a fresh challenge and this is the one.
"When I came to look around it was a foregone conclusion. Now I just want to get started.
"Wolves want to get promoted and I want to be part of that.
"I'm a very ambitious person and I want to be playing in the Premiership. I think this is a step in the right direction."
It never ceases to amaze me that clubs announce things publicly before deals have actually been completed
Wolves chief executive Jez Moxey
As for Edwards, Wolves chief executive Jez Moxey has pointed out the deal has not yet gone through.
"We have agreed terms with the administrators at Luton Town for David Edwards but the player has not yet signed," he told the club's website.
"It never ceases to amaze me that clubs announce things publicly before deals have actually been completed."
Edwards, also 21, was one of the stars of the Shrewsbury team which reached the League Two play-offs last May.
He then became Kevin Blackwell's first signing at Luton last summer and has attracted a lot of attention at Kenilworth Road.
He has so far scored four goals in 19 league appearances in a wide left midfield role, has won his first two Wales caps (alongside new Wolves team-mates Wayne Hennessey and Freddy Eastwood) and had a cluster of clubs chasing his signature.
The hard-up Hatters, only able to pay their squad this week for the first time in two months thanks to a windfall from their FA Cup tie with Liverpool, have been forced into a fire sale.
And the Wales Under-21 international is one of five players moved on this week, along with Chris Coyne to Colchester and Ahmet Brkovic to Millwall, as well as two other loaned-out players.