Reading have agreed an initial fee of £1million with Wolves for winger Seol Ki-Hyun - but midfielder Steve Sidwell has turned the offer of a new contract.
Sidwell has one year remaining on his current deal, signed in 2004, and rejected Reading's offer of improved terms.
But Royals director of football Nick Hammond insists the former England Under-21 international will not be sold.
'We understand his position and he understands ours but as yet we've not been able to come to an agreement,' said Hammond. 'We have no intention of selling him and have no doubts about his commitment to the club for the season ahead.'
Hammond added that Sidwell's current deal does not contain a relevant minimum fee release clause.
'There was a clause from the time of Steve's original contract when he signed as a young player from Arsenal ... but since then he has greatly developed and the clause bears no relation to him now as a Premiership player and England Under-21 international,' said Hammond.
The deal for Seol, who played to games for South Korea at the World Cup, will rise to £1.5million depending on appearances and includes a sell-on clause for Wolves.
Reading hope to tie up the deal with Seol early next week when he returns to England.
'We are extremely pleased to have reached an agreement with Wolves and are confident that the remaining details can be tied up soon,' Hammond told the club's official website.
'Seol is an extremely talented performer of proven international calibre, having recently appeared at the World Cup.
'He also has top flight experience in Europe from his time at Anderlecht and he will be a valuable addition to us.'