Chinese conglomerate Fosun International is reportedly behind the impending £45m takeover of Championship side Wolverhampton Wanderers.

The company has close ties to Jorge Mendes - agent of Jose Mourinho and Cristiano Ronaldo - and earlier this year took a stake in his recruitment agency.

Chinese billionaire Robin Li was widely rumoured to be behind the purchase of the Midlands side but according to The Telegraph, Fosun are poised to complete the deal within the next fortnight.

Former Porto manager Julen Lopetegui is waiting in the wings to replace Kenny Jackett as manager once the takeover is finalised, while Mendes is expected to have an active role with recruitment moving forward.

Mendes is already thought to have lined up a host of transfer targets - including the likes of Anderson Talisca, Pele and Helder Costa from Benfica - with plans to significantly overhaul the squad before the new season gets underway on August 6.

Fosun is believed to be backing the new manager with a significant transfer budget in order to restore Wolves to the Premier League at the earliest opportunity.

Odds on Wolves' promotion next term have shortened to 10/3 with some bookmakers amid the transfer speculation.