Wolves manager Nuno Espirito Santo has been promised “limitless” transfer funds to turn the Black ­Country club into Champions League contenders.

The Portuguese boss will be given unprecedented backing if he can successfully conclude the ­current promotion push.

Wolves owners – the Chinese investment company Fosun ­International – have told Nuno and his staff that no expense will be spared then to lift them up to join the top-flight European elite.

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Sporting director Kevin ­Thelwell has also been informed that no transfer targets will be off the table next summer, if Wolves have regained their ­Premier League status.

An insider said: “Fosun are ­totally committed to this project. Even if the club fails to win promotion this season, that will not deter them.

“They will continue to spend whatever it takes, not just to get to the Premier League, but to stay there and make a real impact.”

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The Shanghai-based conglomerate have already spent massively over the last two ­seasons, using the expertise and contacts of super-agent Jorge Mendes.

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They splashed out a club-­record £15million on Ruben Neves and bought Helder Costa (£13m), Ivan ­Cavaleiro (£7m), Romain Saiss (£3m), Roderick Miranda (£2m) and Barry ­Douglas for £1m.

Fees have also been agreed to complete permanent deals for on-loan signings Diogo Jota for £12m, and 10-goal Leo Bonatini for £5million – ­possibly in January’s ­transfer window. Other deals are already in the pipeline if they win promotion.

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Wolves risk falling foul of the Financial Fair Play regulations, but are confident that by ­reaching, and succeeding, in the Premier League, they will swiftly wipe out any excessive debts.

Our contact said: “They are confident of achieving their goals but in the event that it all goes wrong, they know they can recover their transfer outlay by selling players, who are the right age and ability, to get a return on their investment.”

The grand plans for Molineux have been greeted with ­optimism and a note of caution.

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Charles Ross, former editor of fanzine Load of Bull, said: “I watched my first game on ­Boxing Day in 1970 – Derek Dougan scored twice as we beat champions Everton here. It has largely been downhill since then.

"But at the moment we are playing football I barely recognise. Players wearing old gold shirts are passing to other ­players wearing old gold shirts.

“We look threatening in attack and resolute in defence. There is a real vibrancy in the air.

“However, there are clear ­conflicts of interest to address regarding the involvement of Mendes. And I still think there will be significant hurdles to overcome with respect to FFP.

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“We have spent a considerable amount of money in the past couple of seasons and I cannot see how we will do anything but lose money this season.

“It would reassure me if we were given a breakdown of how exactly the club is planning to comply with FFP rules.”

Former Wolves legend Steve Daley, who broke a British transfer record when he moved to Manchester City for £1,437,500 in 1979, said: “There is an excitement in and around Wolverhampton that I’ve not seen for a long time.

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“The owners have come in and said what they were going to do. They have then delivered. You can’t ask for much more than that.

“There was a big test in the Carabao Cup at Manchester City – but Wolves should have won it in the second half.

“I don’t want to be the kiss of death but they are playing with composure, pace and ­confidence. I saw them training and was hugely impressed.

“The squad is really at ease with itself – happy, even – which is a great sign.”

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