"There has been quite a lot of interest in the opportunity to acquire control of Wolves and confidential discussions have taken place with a number of potential investors," said Wolves chief executive Jez Moxey.
"Last week another party, which included Graeme Souness, tabled a written proposal.
"After giving careful consideration to this offer, Sir Jack and the board have unanimously decided to reject it formally on the basis that they do not believe it fully values the club and the opportunity at Molineux, and that the offer is also significantly below proposals already put forward by other parties."