The Scottish champions have made a move to bring the 23-year-old striker to Celtic Park, and further discussions are expected after an initial bid was turned downCeltic have seen an initial bid for Wolves striker Leigh Griffiths rejected by the League One club.
Scotland international Griffiths has scored 13 goals in all competitions for Wolves this season, helping them to third in the table and keeping hopes of a return to the Championship alive.
And Wolves manager Kenny Jackett has revealed that Scottish Premiership champions Celtic are interested in signing the forward, although he is keen to keep hold of the 23-year-old.
"We've had a bid from Celtic which has been formalised but the club have turned it down," Jackett said on Monday. "We do understand every player has their price but we are not desperate to sell players here.
"I don't how things develop but a bid has been made and I'm sure there will be further dialogue this week.
"Leigh has gone public to say he is interested in the Celtic situation as most Scottish lads would be when a club of that size comes in.
"We understand that but the deal would have to be right for us and he's fully committed to Wolves until anything is accepted.
"At present Leigh is still part of our squad and is with us for Oldham tomorrow and Bradford on Saturday."
Griffiths joined Wolves from Dundee in January 2011 but had to wait until this season before making his first team debut, having scored 23 goals during a loan spell at Hibernian in the 2012-13 season.