Wolverhampton Wanderers are on the brink of a £40million takeover backed by super-agent Jorge Mendes and Chinese millionaire Robin Li.

Mendes and Li have beaten off competition from a rival bidder to buy the Championship club and a deal is likely to be completed before the start of the season, with manager Kenny Jackett facing the axe.

Former Porto manager Jolen Lopetgui is expected to replace Jackett, as Wolves become the latest Midlands club to be taken over following Aston Villa’s buy-out by Dr Tony Xia in June.