A fee in the region of £17million had been agreed for Uche and the player was due to fly for his medical this week.
But Wolves hit a snag in the deal when they were unable to agree personal terms with the player, while his representatives were unhappy with how negotiations had progressed.
As a result, the move is on now on ice as fellow Premier League clubs Leeds, Fulham, West Ham and Crystal Palace all show interest in the player.
The move could still be resurrected but it remains to be seen if Wolves will meet the player's demands.
The 22-year-old can play in midfield or in the forward line and Wolves were hopeful of getting a deal over the line.
Tolu Arokodare (Photo by JOHAN EYCKENS/Belga/AFP via Getty Images)
Tolu Arokodare (Photo by JOHAN EYCKENS/Belga/AFP via Getty Images)
Meanwhile, Wolves are showing serious interest in Arokodare and could make a move before the transfer window shuts on Monday evening.
The Nigerian international currently plays for Belgian side Genk and is seen as a potential option for Wolves to bolster their attack.
Wolves are still determined to keep Jorgen Strand Larsen, amid interest from Newcastle, and any move for Arokodare is not believed to be linked to Larsen's future.