The reported financial outlay would make Krejci Wolves' seventh most expensive signing of all time, ahead of what will likely be a tough campaign for the Midlands club.
Wolves are expected to struggle again in the Premier League and, after fast starts for the newly promoted clubs, will be nervously looking over their shoulder for the season ahead.
Vitor Pereira's side are coming off a 4-0 opening day defeat at the hands of Manchester City - a result that has perhaps sparked some more urgency in the transfer market.
There have been notable departures over the summer, including Matheus Cunha, Rayan Ait-Nouri, Nelson Semedo, Pablo Sarabia, and Craig Dawson, which have brought in a reported £100 million but left plenty of gaps to fill.
At the time of writing, Wolves have added wingers Fer Lopez and Jhon Arias on top of wing-backs Jackson Tchatchoua and David Moller Wolfe.
Krejci would become their fifth senior addition (or sixth, including the permanent signing of Jorgen Strand Larsen), and his ability to play in the middle of defence or in midfield adds some important versatility.
Pereira would've got a better look at the defender in preseason after Wolves faced Girona, with the Czech international playing 90 minutes in a 2-1 victory.
While reinforcements on the wing were definitely needed, central defenders didn't seem as much of a pressing issue.
But, given the fact that Pereira likes to operate with a back three, Krejci's potential arrival further strengthens an important area of the pitch.
Wolves conceded the most goals of any club outside the relegation zone last season (69), which is an issue that's seemingly trying to be addressed by targeting the Czech international.
The squad also looks a little bit thin in the middle of the pitch - another area Krecji can step into and cover if needed, taking some of the workload away from Andre and Joao Gomes.
Lingering problems remain elsewhere for Wolves - their weak attacking depth and the potential departure of Strand Larsen - but the signing of Krejci would represent a solid addition to the squad.