The club is looking at how to expand Molineux if Wolves stay in the Premier League.

They have plans to double the South Bank in size to a single tier 10,000 stand, with that work due to start next summer.

It was previously thought there were no plans to leave Molineux.

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However Shi told FC Business that Wolves will soon have to make a decision on whether to stay at Molineux or leave for a new home.

"I think by the end of the season we will make some crucial decisions on whether to expand the stadium or build a new stadium," he said.

"Molineux is important for the fans of course and we are looking at it and have architects looking at designs.

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"After this season we will have a decision.

"The stadium is in the centre of the city; there is no space to expand the stadium too much.

"We are talking about the maximum size of the stadium, maybe 40,000, 45,000 or 50,000."

The redevelopment of Molineux has been on hold since 2012 when the team was relegated from the Premier League.

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The £18million Stan Cullis Stand opened that year and under £40m proposals spearheaded by previous owner Steve Morgan the Steve Bull and Jack Hayward stands would have been next, both with two tiers.

However, Wolves managing director Laurie Dalrymple clarified the club's position, saying: “Whilst we have always been clear about our ambition to grow Wolves on and off the pitch, leaving Molineux would always be a last resort for us.

“We have a magnificent stadium in the centre of the city, but obviously finding space around Molineux to reach our desired capacity may not be easy.

“However, our ambition remains focused on developing a stadium in the city centre that delivers attendances that could reach over 50,000.

“Ultimately, our focus is on growing the club whilst experiencing success on the pitch, and supporters should be encouraged by the direction we are heading.”

Shi and Fosun have huge plans for Wolves on and off the field – including growth in China.

He added: "I believe after one year in the Premier League, Wolves can have a very fast-growing fanbase in China. The Premier League is huge in China.

"We are looking for Chinese players because if you have one Chinese player, that is huge for Chinese fans.

"The trouble is that in China there are not too many good players, so we are looking to younger players ranging from 14 to 17 years old, to train them with us and to loan them to other clubs in Europe until they are mature enough to come and play for us."

Fosun want Wolves to become one of England's elite clubs but he admitted they are way behind in terms of finances, so need other strategies to compete.

Shi added: "If you want to achieve your goal with a limited budget, you need a world class head coach, a steady coaching team for at least four to five years, with consistency you will make less wrong decisions when you sign players.

"Financial fair play is a big problem for us. We are very ambitious, we want to chase the top guys, but commercially we are not there yet so we don't have the same budget as them."