[The Magpies](https://www.thenorthernecho.co.uk/sport/football/newcastleunited/) had a second bid - this time of £55m - rejected on Tuesday evening, but are likely to return with another improved offer, with the 25-year-old now at the top of United's striker wishlist.
Wolves are desperate to keep hold of the 25-year-old, who only joined on a permanent deal earlier this summer, after a successful loan, but boss Vitor Pereira admitted on Tuesday night "every player has a price".
Strand Larsen came off the bench to score twice and seal Wolves' 3-2 victory over West Ham and a place in the third round of the Carabao Cup on Tuesday night.
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Pereira said: "If it's my decision, of course (he stays). He is a very important player. He is a player with character. I imagine his mind at this moment, listening to a lot of things, reading.
"He goes to help the team and in the last minutes I asked him to go back and help as a centre-back. He is a team player. He is a top player.
"Until now, Jorgen is our player. He is a very important player for us and we will see what happens. Football is football and every player has a price, even Messi or Cristiano. I understand football but for me it's very important for us. We will see what happens."
Pereira added: "I know a lot of players in my career, in this situation, and they have asked me not to play.
"But he wants to play every time. He wants to help the team.
"You must be ready for everything but I want to keep the best players and this kind of player with us."
Strand Larsen won't agitate for a move ahead of Monday's deadline but is understood to want the switch to St James' Park.
Eddie Howe is currently preparing for Saturday's trip to Leeds with his striker problems having deepened on Monday night when Anthony Gordon was sent off against Liverpool.
Earlier on Monday, Jamie Reuben and a PIF delegation had visited Alexander Isak in a bid to try and get the striker back on board at St James' Park, but the Sweden international is said to still want to leave the club ahead of the deadline.
Liverpool have not yet returned with an improved offer after seeing a £110m bid rejected earlier this season.
Isak has today been included in Sweden's squad for next month's World Cup qualifiers against Slovenia & Kosovo.
Boss Jon Dahl Tomasson said: "I am very happy that Alexander Isak wants to be in the squad, he is a huge player. The situation he is in is not perfect and he has not trained with the team. But he is a player who can decide matches and he wants to be part of our squad."
Strand Larsen is seen as a replacement for Callum Wilson rather than Isak.
Newcastle will need to sign two strikers as well as having their valuation matched by Liverpool to sanction the sale of Isak.
Yoane Wissa remains a target for Newcastle but the Magpies have been frustrated by the incredibly slow progress on that front over the course of the summer, with Brentford boss Keith Andrews confident the Bees will keep hold of the forward.