The big centre-back has been frozen out of the Bhoys first team picture for some time, yet it still collecting a £30,000-a-week paycheque.
The Daily Record reports that the 32 year old barely even considered the Wolves offer. Birmingham and Sunderland have also been rebuffed during the transfer window.
A Parkhead insider said of the latest snub: "Bobo's attitude is outrageous. Gordon Strachan cannot believe that he's turned down an offer as big as the one that Wolves have put together.
"It seems the guy is just not interested in playing football, but if he thinks (chief executive) Peter Lawwell will cave in and give him a year's money to go then he has another thing coming."