The 21-year-old has scored 28 goals for the Dons since his move from Derby - who inserted a 30% sell on clause in the deal that saw him leave.
Consequently, the Dons want to ensure they get a better price than they would otherwise demand.
Wolves' bid of £1.3m was rejected, but £1.5m may be enough to tempt the MK Dons to sell the striker.