Wolves now have 'potential' to sign Nico Elvedi at Molineux | OneFootball

Wolverhampton Wanderers boss Gary O'Neil is facing a major stumbling block as he looks to make Borussia Monchengladbach star Nico Elvedi his first signing since heading into the Molineux dugout, transfer insider Dean Jones has told GIVEMESPORT.

The 40-year-old tactician's reign got underway with a 1-0 defeat to Manchester United on Monday, which resulted in him receiving an apology from the PGMOL after a penalty was not given in the final minutes of the contest, and he may freshen up his squad before the September 1 deadline.

Wolves transfer news - Nico Elvedi

According to Sky Sports Germany reporter Marlon Irlbacher, Monchengladbach sporting director Roland Virkus has confirmed that Elvedi is looking to embark on a fresh challenge away from the Bundesliga club.

The respected journalist suggests a switch ahead of the transfer window slamming shut cannot be ruled out, while Virkus feels an agreement will be reached over the central defender, who has entered the final 12 months of his £49,000-per-week contract.

Elvedi's desire to move onto pastures new could open the door for Wolves as, prior to Julen Lopetegui walking away from his head coach post, they were in advanced talks to recruit the Switzerland international for £7.7million.

But chairman Jeff Shi has admitted in an open letter to Wanderers fans that O'Neil has a threadbare budget to play with, meaning further negotiations will need to be held with Monchengladbach or further outgoings must happen before further arrivals head to the West Midlands.

Elvedi has made 270 appearances for his current employers, scoring 14 goals and providing a further nine assists along the way.

What has Dean Jones said about Elvedi?

Jones has refused to rule out the possibility of Elvedi becoming O'Neil's first signing as Wolves' head coach, with a deal potentially being done.

But the respected journalist feels the Molineux-based side's financial issues will make it difficult to acquire the 26-year-old, who has been described as 'incredible' by former Monchengladbach sporting director Max Eberl.

Jones told GIVEMESPORT: "I still think there is potential around this deal. But it's difficult to know how likely it is to come off, purely because of this financial standpoint we're at with Wolves.

"If it is a one in, one out policy, then they've got to weigh up whether it's worth making the change or it's going to be detrimental to have another new face in and another old face going out.

"You're losing a lot of the identity of this team from recent times. That's not a completely bad thing because, for a lot of last season, things weren't going well. There's a lot to be said for changing the narrative around the club once you've come through a storm and managed to weather it a little bit.

"While Elvedi would be a good signing, I'm just a bit sceptical about how on earth they actually make it happen."

What's next for Wolves?

Eberl is not the only defender being linked with a move to Wolves as, according to Football Insider, a deal is expected to be tied up for West Ham United's Aaron Cresswell.

The report suggests Wanderers are keen to increase their offer and wrap up negotiations over the left-back, whose £50,000-per-week contract is due to expire next summer.

West Ham are holding out for £4million and, as a result, rejected Wolves' £2.5million proposal earlier in the summer.

keen on the move.