Sky Sports understands Wolves are considering a move for Burnley's out-of-contract striker Martin Paterson.
Northern Ireland international Paterson has been offered a deal to stay at Burnley, but has yet to make a firm decision regarding his future.
The 26-year-old has scored 37 goals in 152 appearances for the Clarets since moving to Turf Moor in a ?1million deal from Scunthorpe United five years ago.
He has been linked with other Championship clubs, but League One side Wolves are understood to be keeping tabs on Paterson's situation.
Meanwhile, Wolves' head of development Kevin Thelwell has conceded that, following relegation to the third tier, players may have to leave Molineux before new faces are brought in.
Thelwell said in the Express & Star: "Our squad is big enough. While we are thinking about certain players and certain positions, we can't do a great deal unless we create some space in the squad.
"It's quiet at the moment in terms of the transfer market. There's not a huge amount going on in terms of movement of our players but this is to be expected at this stage of the off season.
"Everyone is making assumptions about the current group but until we start talking to the players, it's all ifs, buts and maybes."
There is unrest at Rugby Park owing to the departure of manager Kenny Shiels, with some quarters of support blaming Johnston.
In a statement issued jointly on Monday night under the name of 'Ayrshire Businesses', a meeting was requested with Johnston to discuss the best course of action for the club.
It read: "Tonight a group of like-minded business people from Kilmarnock met to discuss their concerns about the current state of affairs at Kilmarnock Football Club.
"The local businesses represented were Braehead Foods, Brownings the Bakers, The Coffee Press, Costley & Costley Hoteliers, Fortress Security & Alarms, Hamilton Tarmac, The Klin Group, Microtech Support, Modway and the QTS Group.
"The group has unanimously agreed that the only way they can continue to fully support the club is if there is a change in regime.
"A spokesperson has been appointed to request a meeting with Michael Johnston to clarify his position and discuss the way forward in the best interest of Kilmarnock Football Club."
Protesting supporters, unhappy at Shiels' sacking last week, have hoped the Klin Group will head a takeover of the club from Johnston.
