The striker has been linked with Fiorentina and Trabzonspor this month as the club seeks to offload the 25-year-old, who is said to favour a move to Italy this summer.
Wolves signed Arokodare for around £24m last summer, but after scoring just three Premier League goals in 33 appearances, he is expected to depart the club, who do not see him in their plans next season.
The Championship side, who finished dead bottom of the Premier League last season, make their first public appearance under new manager Cesar Peixoto when they face Maidenhead United on Wednesday night.
Ahead of the game, however, their training session was cancelled after Arokodare refused to leave despite being told that he would not be training with the rest of the senior group on Monday.
The Mirror reports Wolves increased security at Compton Park on Tuesday in order to stop the striker from entering, as it becomes clear that he will definitely not have anything to do with the side in the upcoming campaign.
Wolves have one goal for the next season: return to the Premier League. Peixoto does not believe that Arokodare has the quality to push them back up, and cashing in on him looks like the best option for both parties.