The Championship is notoriously competitive and this season is proving to be no exception. After eight rounds of fixtures, the top six clubs are separated by just two points and none of the three pre-seasons favourites – Middlesbrough, Aston Villa and Fulham – are in those play-off places. Villa and Fulham aren’t even in the top half – although they are just seven points behind Leeds, Wolves and Cardiff, who sit at the top of the table with 17 points.

The season isn’t yet two months old but momentum has already swung one way and then another. Cardiff City won their first five games of the season; Ipswich will go top if they win their game in hand on the leaders; and Leeds currently sit in first place. But Wolves are the one side who look like genuine title contenders, which is somewhat remarkable given their summer of upheaval.

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Jorge Mendes – the man Cristiano Ronaldo describes as “the Cristiano Ronaldo of agents” – is a “known associate” and “friend” of the club, with Wolves managing director Laurie Dalrymple saying the agent is “someone, because of the friendship with the owners, that we take opinions and advice from.” His “advice” has been telling at the club this summer, not least in the appointment of Nuno Espírito Santo as manager. Wolves signed five Portuguese players in the transfer window – Roderick Miranda, Rúben Neves, Pedro Goncalves, Boubacar Hanne and José Nuno Rodrigues Xavier – as well as bringing another two – Rúben Vinagre and Diogo Jota – on season-long loans.

The first-team squad is barely recognisable from last season. Matt Doherty was the only player who played in their first game last season – a 2-2 draw at Rotherham – and was still in the starting XI for the opening fixture this season. After so many changes you would expect them to need time to settle, but the new arrivals began the campaign as they meant to go on: by beating Middlesbrough, the pre-season title favourites, on the opening weekend.

Doherty and Conor Coady are the only two first-team regulars from last season who have retained their places – and both of them have had to change positions. Doherty has been moved from left-back to right-back and Coady is now playing as a centre-back. There has also been a change in formation, with the team now lining up with a back three in a system similar to that of Chelsea. As such, their fast start is even more surprising and encouraging.

Neves was the real statement signing of the window – the £15.8m fee was a record for both Wolves and the Championship – but he has been outperformed by another player who also spent last season at Porto, Jota. Neves scored a fine goal from distance in a 3-2 win at Hull and has generally keeping play ticking over nicely, but Jota has shone the brightest in the gold jersey.

The 20-year-old was brought in on loan from Atlético Madrid – a club he is yet to make an appearance for – after a breakthrough loan campaign under Nuno at Porto last year. The youngster scored a goal every 182 minutes in the Primeira Liga and already has five to his name in the Championship. If Wolves are trying to emulate Chelsea’s style of play, then Jota is the Eden Hazard of the side: he tends to starts on the left but is given licence to roam infield and even beyond the striker.

In that sense the arrival of another astute loan signing, Brazilian striker Léo Bonatini, has proven to be something of a masterstroke. He also made a name for himself in Portugal, with Estoril, where he scored 20 goals in the 2015-16 season before moving to Al-Hilal in Saudi Arabia. Wolves’ ability to sign these players permanently will surely hinge on their ability to seal promotion, which is looking very promising at the minute.

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In Bonatini they have a striker who can weigh in with goals – he has scored three in eight appearances – but, crucially, he is also capable of picking out willing midfield runners such as Jota with unselfish build-up play and impressive vision. The 23-year-old striker has made more assists (three) than any of his team-mates and his pass accuracy of 83.3% is excellent for a player in his position. Jota, who makes those runs beyond the lone striker, leads the way for both dribbles (2.8) and shots (2.9) per game.

If Wolves can keep both players fit, they should be considered among the favourites in a league that doesn’t really have any standout team. Their defensive record should improve as players become more familiar with each other, so a return to the Premier League after six seasons in the Championship is a distinct possibility. Their rise may be greeted with suspicion and frustration in some quarters, but one can only admire the quality of their football. With three very winnable fixtures coming up next week – against Barnsley, Sheffield United and Burton – they will expect to be top of the league by the end of the month. And they may well be there come May.

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