Wolverhampton Wanderers are beginning to motor in the transfer market and could be about to sink a large chunk of their budget into a star with proven Premier League credentials, according to a report.

Wolverhampton Wanderers begin to build for the new season

Contrary to expectations, Wolves and Nelson Semedo have yet to come to a decision on his future and former Old Gold star Dave Edwards is still holding out hope the experienced star will put pen to paper on a new contract.

He explained: "I wrote in my columns at the end of the season that I was convinced he would leave Molineux. I was gutted about that, but I knew Wolves had done everything in terms of a contract offer to try and keep him.

"It is a lucrative offer that must be very appealing for the wing-back. It is just a bit of a strange situation because you usually think the fans would be a bit more angry."

Ultimately, Vitor Pereira can only influence things fully in his control, and it appears the Wolves boss is doing everything in his power to ensure new talent arrives with pre-season underway.

Making their presence felt on the market, Wolves have put forward an approach for Atalanta striker El Bilal Toure after his return from Stuttgart, even if seven other clubs are also circling for his signature.

Continuing that theme, Flamengo forward Wallace Yan could also end up at Molineux, though it remains to be seen if the Old Gold will commit to his £34 million release clause.

Putting that to one side, Pereira now reportedly has his eyes on a midfielder who has already shown he has the mettle to handle the cut and thrust of the Premier League.

Wolves eyeing surprise move for Conor Gallagher

According to reports in Spain, Wolves are in the mix to sign Atletico Madrid midfielder Conor Gallagher and would be willing to pay close to £43 million to bring the England international back to British shores.

Everton are also believed to be attentive to his situation and Diego Simeone could look to offload the former Chelsea man providing an agreement were to bring significant financial strength to the Wanda Metropolitano.

Dubbed "priceless" by former boss Mauricio Pochettino after scoring a double against Crystal Palace in 2023, he also won 110 duels and 32 tackles in La Liga last term.

Famed for his high oxygen levels in the engine room, Gallagher could be pushed further down the pecking order under Simeone due to the arrivals of Alez Baena and Johnny Cardoso in the Spanish capital.

Wolves would have to put forward a convincing proposal to get him on board, though Pereira's role in their recent resurgence could be enticing for the 25-year-old as he veers towards the prime of his career.