The Serie A club have renewed their interest after an initial proposal failed to convince Wolves, with the Premier League side now weighing up whether to retain the 25-year-old or cash in amid growing interest from Europe.
According to Africansoccer.com, Fiorentina's latest proposal is a loan deal with an option to buy, with the total package potentially worth €22 million.
The Italian outfit hope the revised structure will persuade Wolves to enter serious negotiations as they look to strengthen their attacking department ahead of the new season.
Arokodare has attracted widespread attention following his impressive performances in recent seasons, establishing himself as one of Nigeria's most exciting attacking talents.
His combination of physical strength, aerial dominance and clinical finishing has also earned him a place in the Super Eagles setup.
While Wolves are yet to make a final decision, Fiorentina remain optimistic that an agreement can be reached. The Viola believe Arokodare possesses the qualities needed to make an immediate impact in Serie A and have identified him as a key transfer target.
Negotiations between the two clubs are expected to continue in the coming days as Fiorentina push to secure the striker's signature before the start of the new campaign.
Super Eagles head coach Eric Chelle has acknowledged that Nigeria were unable to match Guinea-Bissau's intensity as their 2027 Africa Cup of Nations qualifying campaign suffered a major setback on Tuesday.
In Tuesday's AFCON 2027 qualifiers, Egypt put five goals past South Sudan, Guinea-Bissau shocked Nigeria 3-0, and Ivory Coast beat Somalia.
Nigeria began their 2027 Africa Cup of Nations (AFCON) qualifying campaign with a nervy 2-1 victory over Madagascar in Uyo on Friday.
Nigerian youngster Olasunkanmi Abass Ayomide has reportedly followed compatriot Taiwo Alao in completing a move to Brazilian giants Atletico Mineiro.
