Subject to the final paperwork being completed the 25-year-old has penned a four year contract.

As reported in the Express & Star on Saturday Wolves had accepted a bid for Price, who came through the academy system at Compton Park.

Price said: "“I’ve been at Wolves for my entire footballing life so it’s played a huge part in my career. I’ve played with some fantastic players and worked with some brilliant staff.

1. Thank you for all the love and support @wolves fans! It's a sad time for me and the family leaving after so many years at this great football club 🙌🏼 but also a very exciting new chapter in my life. Had some great memories over the years and gonna miss some top people... — Jack Price (@jacko_8) January 9, 2018

“Of course, a part of me is sad to leave the club after so many years, but the time is right for a new challenge and I’m really looking forward to my next step.

“I would like to thank everybody who has helped me during my time at Wolves and the fans for their support throughout my time here. It’s a wonderful club and I wish it every success going forward.”

Wolves added: "Everyone at Wolves would like to thank Jack for his efforts during his many years with the club and wish him the very best of luck for the future."

2. Wish the club all the success on getting back to the Premier League where you belong. It's been a tough decision to make for me and my family, but I can't wait to get going @ColoradoRapids in the @MLS for this new adventure 😀🇺🇸 thanks for the great welcome!! #Rapids #MLS — Jack Price (@jacko_8) January 9, 2018

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Price only recently signed a new 18-month contract with the option of an extra season. However he has barely featured for Nuno Espirito Santo's team of late, making only five substitute appearances in the Championship this season.

The Shropshire-born midfielder did start all four of Wolves' Carabao Cup games but he wasn't in the squad for Saturday's 0-0 FA Cup draw with Swansea.

After making his debut for Wolves in 2013 he made 115 appearances for the club, scoring two goals and winning a League One winner's medal with the record-breaking 2013/14 team, when he played 26 times.

Colorado Rapids are owned by Arsenal shareholder Stan Kroenke and former Wolves striker Kevin Doyle played for therm until retiring last year.

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All at Wolves would like to thank @jacko_8 for his efforts during his 18 years at Wolves and wish him nothing but the best for the future. #FearTheBeard #ThankYouPricey



📸👇 pic.twitter.com/sGqH3H7vEH — Wolves (@Wolves) January 8, 2018

Fellow midfielder Lee Evans is expected to be the next out the door at Molineux with a £750,000 move to Sheffield United being finalised.

Wolves have also loaned out Prince Oniangue (Angers), Sylvain Deslandes and Connor Ronan (both Portsmouth) this month.