Aberdeen are pursuing the 24-year-old but a potential fee of £500,000 would put both clubs off. Hearts would prefer a loan or a deal for a lower amount and must wait until Wolves decide their plan for the player.
Ronan spent last season on loan at St Mirren and impressed Hearts, who feel he could add to their attacking midfield department. The Edinburgh club are also looking at alternative options for that position as they spend this week training in southern Spain.
They are keen to bring the Everton striker Ellis Simms back to Scotland following his successful Hearts loan spell last season. Tynecastle officials have put a strong case to their counterparts at Goodison and, similar to Ronan, the player’s fate is now in the hands of the English Premier League club.
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Everton would look at another loan for Simms but haven’t completely ruled out a permanent transfer. English Championship teams are also competing for his signature.
Hearts are working in the background in the hope of tempting Lawrence Shankland back to the Premiership from the Belgian club Beerschot. The two clubs have still to agree a fee and other financial demands mean any deal would take some negotiating.
Shankland is interested in working again with the Hearts manager Robbie Neilson and his coaching staff, Lee McCulloch and Gordon Forrest. All three coached the striker at former club Dundee United.
As things stand, Hearts have not made any move for the Fleetwood Town winger Paddy Lane.